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|Title:||Evolutionary modelling in economics: a survey of methods and building blocks |
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.|
evolutionary game theory
|Document Type:||Working Paper|
|Appears in Collections:||Papers on Economics and Evolution, Max-Planck-Institut für Ökonomik|
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