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Title:Evolutionary modelling in economics: a survey of methods and building blocks PDF Logo
Authors:Safarzynska, Karolina
van den Bergh, Jeroen C.J.M.
Issue Date:2008
Series/Report no.:Papers on economics and evolution 0806
Abstract:In this paper we present an overview of methods and components of formal economic models employing evolutionary approaches. This compromises two levels: (1) techniques of evolutionary modelling, including multi-agent modelling, evolutionary algorithms and evolutionary game theory; (2) building blocks or components of formal models classified into core processes and features of evolutionary systems - diversity, innovation and selection - and additional elements, such as bounded rationality, diffusion, path dependency and lock-in, co-evolutionary dynamics, multilevel and group selection, and evolutionary growth. We focus our attention on the characteristics of models and techniques and their underlying assumptions.
Subjects:bounded rationality
evolutionary algorithms
evolutionary game theory
evolutionary growth
innovation
multilevel evolution
neo-Schumpeterian models.
JEL:B52
C60
C73
Document Type:Working Paper
Appears in Collections:Papers on Economics and Evolution, MPI für Ökonomik

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