Rational Choice and Asymmetric Learning in Iterated Social Interactions – Some Lessons from Agent-Based Modeling

In this contribution we analyze how the actions of rational agents feed back on their beliefs. We present two agent-based computer simulations studying complex social interactions in which agents that follow utility maximizing strategies thereby deteriorate their own long-term quality of beliefs. We take these results as a starting point to discuss the complex relationship between rational action couched in terms of maximizing utility and the emergence of informational inequalities.