zero intelligence

Zero intelligence is a term used in economics, social and computer sciences to refer to simple artificial or programmed agents that act randomly subject to minimal constraints. It was introduced in an article published in the Journal of Political Economy in 1993, and has since found usage in other contexts.

Zero intelligence trading closely mimics stock market.

Gode and Sunder demonstrated that if one replaces the students in a standard classroom economics experiment by zero intelligence agents with a budget constraint, they perform surprisingly well.

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