Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/311069 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Evolutionary Economics [ISSN:] 1432-1386 [Volume:] 32 [Issue:] 3 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2022 [Pages:] 1017-1048
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
The paper proposes an agent-based evolutionary ecological-economic model that captures the link between the economy and the ecosystem in a more inclusive way than standard economic optimization models do. We argue that an evolutionary approach is required to understand the integrated dynamics of both systems, i.e. micro–macro feedbacks. In the paper, we illustrate that claim by analyzing the non-triviality of finding a sustainability policy mix as a use case for such a coupled system. The model has three characteristics distinguishing it from traditional environmental and resource economic models: (1) it implements a multi-dimensional link between the economic and the ecological system, considering side effects of production, and thus combines the analyses of environmental and resource economics; (2) following literature from biology, it uses a discrete time approach for the biological resource allowing for the whole range of stability regimes instead of artificially stabilizing the system, and (3) it links this resource system to an evolving, agent-based economy (on the basis of a Nelson-Winter model) with bounded rational decision makers instead of the standard optimization model. The policy case illustrates the relevance of the proposed integrated assessment as it delivers some surprising results on the effects of combined and consecutively introduced policies that would go unnoticed in standard models.
Subjects: 
Ecological-economic modeling
Environmental policy instruments
Nelson-Winter model
Evolutionary economics
Agent-based modeling
JEL: 
P48
Q55
Q56
Q58
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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