Arbeitspapier
Agent-based modeling for decision making in economics under uncertainty
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Economics Discussion Papers ; No. 2015-45
- Klassifikation
-
Wirtschaft
Current Heterodox Approaches: Historical; Institutional; Evolutionary
Computational Techniques; Simulation Modeling
Criteria for Decision-Making under Risk and Uncertainty
Management of Technological Innovation and R&D
Capitalist Systems: General
- Thema
-
decision making
uncertainty
rationality
agent-based model
policy instrument
innovation economics
Schumpeter
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Vermeulen, Ben
Pyka, Andreas
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute for the World Economy (IfW)
- (wo)
-
Kiel
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Vermeulen, Ben
- Pyka, Andreas
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2015
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