Modeling Firms Financial Behavior in an Evolving Economy by Using Artificial Intelligence

In this paper we investigate the dynamic behavior of firms capital structure. Differently from a number of existing studies, our aim is to tackle the issue by combining two approaches: experimental and computational economics. The main goal of this paper is in fact to build an artificial agent whose behavior mimics that of experimental agents. The paper shows how the heuristic approach could provide for a valid alternative micro-foundation for the financial decisions of entrepreneurs.