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An information-based adaptive strategy for resource exploitation in competitive scenarios

Boschetti, Fabio and Brede, Markus (2009) An information-based adaptive strategy for resource exploitation in competitive scenarios Technological Forecasting and Social Change, 76, (4), pp. 525-532.

Record type: Article

Abstract

Given an exploitation problem, in which a number of agents compete for a limited renewable resource, the optimal harvesting strategy depends on the ratio between resource availability and exploitation effort. For scarce resource a purely competitive, greedy strategy outperforms a more collaborative approach based on the Collective Intelligence, while for more abundant resource the opposite holds. The rationale for this behaviour lies in the amount of information each strategy is able to provide and a combined strategy is possible according to which agents choose dynamically the most informative strategy according to a minimum entropy criterion. This approach, which provides best performance for both under and over-exploited scenarios, can be used to monitor the resource status for management purposes and is effective in both centralised and decentralised decision making.

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More information

Published date: May 2009
Keywords: resource management, collective intelligence, sustainability, agent-based model, game theory
Organisations: Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 272851
URI: http://eprints.soton.ac.uk/id/eprint/272851
ISSN: 0040-1625
PURE UUID: affd9073-9b64-42b4-994b-c0a7257ad7c5

Catalogue record

Date deposited: 26 Sep 2011 16:02
Last modified: 08 Oct 2017 03:36

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Contributors

Author: Fabio Boschetti
Author: Markus Brede

University divisions

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