This limit is obtained by setting for all b . Figure 6 shows the results of a typical simulation run of this system in the case where all five sellers are myoptimal. 1 finally opts out and sets its price back up to 0.900.
All buyers are price-sensitive.
However, this is wrong on at least two counts. First, even if individual ignorance could be shown to lead to good societal behavior, this would not necessarily be a useful result because in an open, massively distributed agent economy we are very unlikely to be able to legislate an agent's degree of intelligence. In other experiments, we have found that a single myoptimal agent introduced into a society of derivative followers can take tremendous advantage of its fellow agents. Thus there is every incentive to create an intelligent agent rather than a stupid one. Second, it is untrue that simplistic strategies lead to stable behavior, as we are about to see.