Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110982
Authors: 
Vermeulen, Ben
Pyka, Andreas
Year of Publication: 
2015
Series/Report no.: 
Economics Discussion Papers 2015-45
Abstract: 
Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties, inefficiencies, and market failures faced by the agents in the economy, and, secondly, the activities, network structure, and interactions in the innovation & production system. The authors discuss ins-and-outs of developing and using (encompassing and empirically calibrated) agent-based models for (i) abductive theorizing about causes for empirical realities, and (ii) evaluating effects of policy interventions. To ensure that derived policies are suitable to intervene in the real world and not just the stylization of it, they discuss validity and operationalization of agent-based models as well as interpretation of simulation results.
Subjects: 
decision making
uncertainty
rationality
agent-based model
policy instrument
innovation economics
Schumpeter
JEL: 
B52
C63
D81
O32
P10
Creative Commons License: 
http://creativecommons.org/licenses/by/3.0/
Document Type: 
Working Paper

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