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Open AccessArticle

Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry

The Ohio State University, Columbus, OH 43210, USA
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Entropy 2019, 21(5), 528; https://doi.org/10.3390/e21050528
Received: 22 March 2019 / Revised: 30 April 2019 / Accepted: 22 May 2019 / Published: 24 May 2019
(This article belongs to the Special Issue Information Theory in Complex Systems)
Information definitions across many disciplines commonly treat information as a physical world entity. Information measures are used along with other physical variables undistinguished for modeling physical systems. Building on previous work, this research explicitly defines information as a unique category of entity that is created by intelligent agents to represent aspects of the physical world but that is not part of the physical world. This leads to the formation of the dual-space information modeling (DSIM) framework, which clearly distinguishes an information space from the physically based material space. The separation of information and material spaces allows new insight and flexibility into modeling complex systems. In this research, DSIM based agent models are applied to study the impact of information asymmetry to marketing behaviors. This paper demonstrates the effectiveness of the DSIM framework in the modeling process and how emergent behavior from these systems is encapsulated in the dual-space. View Full-Text
Keywords: information; agent based modeling; complex systems; information asymmetry; computational economics information; agent based modeling; complex systems; information asymmetry; computational economics
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Bao, L.; Fritchman, J. Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry. Entropy 2019, 21, 528.

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