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TY - GEN ID - cogprints534 UR - http://cogprints.org/534/ A1 - Moss, Scott TI - The Cost of Rational Agency Y1 - 1999/04// N2 - The rational agency assumption limits systems to domains of application that have never been observed. Moreover, representing agents as being rational in the sense of maximising utility subject to some well specified constraints renders software systems virtually unscalable. These properties of the rational agency assumption are shown to be unnecessary in representations or analogies of markets. The demonstration starts with an analysis of how the rational agency assumption limits the applicability and scalability of the IBM information filetering economy. An unrestricted specification of the information filtering economy is developed from an analysis of the properties of markets as systems and the implementation of a model based on intelligent agents. This extended information filtering economy modelis used to test the analytical results on the scope for agents to act as intermediaries between human users and information sources. AV - public KW - rational agency KW - utility KW - rationality KW - agent-based models KW - information markets KW - market process KW - market structure KW - intermediaries KW - scalability KW - brokers KW - brokerage KW - economic rationality KW - rational economic man KW - bounded rationality KW - systems KW - applications KW - simulation KW - declarative language KW - SDML ER -