New market models challenge economic norms, paving way for policy change
Fuzzy logic and genetic algorithms were used to create more realistic models of competitive markets. These models show that markets can reach equilibrium even when firms start trading at different prices. The new equilibria involve agents showing some self-restraint, rather than always acting rationally. This research also looks at how collaboration and altruism evolve in economics, and how these findings can impact public policy. The study suggests that these methods could be applied to other areas of economics, like international trade and development. The idea of rationality in decision-making is also explored, especially in political contexts. The study briefly considers the philosophical argument for hands-off economic policies and discusses potential changes in economic practices.