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| Title: | | Evolutionary modelling in economics: a survey of methods and building blocks  |
| 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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