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

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Papers on Economics and Evolution ; No. 0806

Classification and Topics

• Classification: Wirtschaft ; Current Heterodox Approaches: Historical; Institutional; Evolutionary ; Mathematical Methods; Programming Models; Mathematical and Simulation Modeling: General ; Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
• Subject: bounded rationality ; evolutionary algorithms ; evolutionary game theory ; evolutionary growth ; innovation ; multilevel evolution ; neo-Schumpeterian models. ; Evolutionsökonomik ; Wirtschaftsmodell ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Safarzynska, Karolina ; van den Bergh, Jeroen C.J.M.
• Event: Veröffentlichung
• (who): Max Planck Institute of Economics
• (where): Jena
• (when): 2008

Further information

• Handle: http://hdl.handle.net/10419/31840
• Last update: 10.03.2025, 11:46 AM CET