We consider a heterogeneous agent-based economic model where economic agents
have strictly bounded rationality and where income allocation strategies evolve
through selective imitation. Income is calculated by a Cobb-Douglas type
production function, and selection of strategies for imitation depends on the
income growth rate they generate. We show that under these conditions, when an
agent adopts a new strategy, the effect on its income growth rate is
immediately visible to other agents, which allows a group of imitating agents
to quickly adapt their strategies when needed.Comment: 5 pages, 2 figure