Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry
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...
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| Format: | Article |
| Language: | English |
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MDPI AG
2019-05-01
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| Series: | Entropy |
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| Online Access: | https://www.mdpi.com/1099-4300/21/5/528 |
| _version_ | 1828118098638536704 |
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| author | Lei Bao Joseph Fritchman |
| author_facet | Lei Bao Joseph Fritchman |
| author_sort | Lei Bao |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-04-11T13:25:50Z |
| format | Article |
| id | doaj.art-90c94ee8d2484908b85f836e4ff8594b |
| institution | Directory Open Access Journal |
| issn | 1099-4300 |
| language | English |
| last_indexed | 2024-04-11T13:25:50Z |
| publishDate | 2019-05-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Entropy |
| spelling | doaj.art-90c94ee8d2484908b85f836e4ff8594b2022-12-22T04:22:04ZengMDPI AGEntropy1099-43002019-05-0121552810.3390/e21050528e21050528Dual-Space Information Modeling of Socio-Economic Systems under Information AsymmetryLei Bao0Joseph Fritchman1The Ohio State University, Columbus, OH 43210, USAThe Ohio State University, Columbus, OH 43210, USAInformation 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.https://www.mdpi.com/1099-4300/21/5/528informationagent based modelingcomplex systemsinformation asymmetrycomputational economics |
| spellingShingle | Lei Bao Joseph Fritchman Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry Entropy information agent based modeling complex systems information asymmetry computational economics |
| title | Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry |
| title_full | Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry |
| title_fullStr | Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry |
| title_full_unstemmed | Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry |
| title_short | Dual-Space Information Modeling of Socio-Economic Systems under Information Asymmetry |
| title_sort | dual space information modeling of socio economic systems under information asymmetry |
| topic | information agent based modeling complex systems information asymmetry computational economics |
| url | https://www.mdpi.com/1099-4300/21/5/528 |
| work_keys_str_mv | AT leibao dualspaceinformationmodelingofsocioeconomicsystemsunderinformationasymmetry AT josephfritchman dualspaceinformationmodelingofsocioeconomicsystemsunderinformationasymmetry |