The approach is fruitful in that it delineates the domain of applicability of maximization hypotheses and describes the behavior of agents in situations of economic disequilibrium. The approach adopted uses concepts from fuzzy control theory. Empirical results indicate that the fuzzy rule-based system performs extremely well in approximating optimal dynamic behavior in situations with limited noise. Simulations are also performed under noisy conditions showing how the rule-based system breaks down in tracking optimal behavior when the environment changes. Download full-text discussion paper .
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