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On "Badly Behaved" Dynamics: Some Applications of Generalized Urn Schemes to Technological and Economic Change

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  • Dosi, G
  • Kaniovski, Y

Abstract

Adaptive (path dependent) processes of growth modeled by urn schemes are important for several fields of applications: biology, physics, chemistry, economics. In this paper we present a general introduction to urn schemes, together with some new results. We review the studies that have been done in the technological dynamics by means of such schemes. Also several other domains of economic dynamics are analysed by the same machinery and its new modifications allowing to tackle non-homogeneity of the phase space. We demonstrate the phenomena of multiple equilibria, different convergence rates for different limit patterns, locally positive and locally negative feedbacks, limit behavior associated with non-homogeneity of economic environment where producers (firms) are operating. It is also shown that the above urn processes represent a natural and convenient stochastic replicator dynamics which can be used in evolutionary games.

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Bibliographic Info

Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 4 (1994)
Issue (Month): 2 (June)
Pages: 93-123

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Handle: RePEc:spr:joevec:v:4:y:1994:i:2:p:93-123

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Cited by:
  1. Cherkashin, Dmitriy & Farmer, J. Doyne & Lloyd, Seth, 2009. "The reality game," Journal of Economic Dynamics and Control, Elsevier, vol. 33(5), pages 1091-1105, May.
    • Dmitriy Cherkashin & J. Doyne Farmer & Seth Lloyd, 2009. "The Reality Game," Papers 0902.0100, arXiv.org, revised Feb 2009.
  2. Taeko Endo, 2004. "An Influence of Voters' Preferences on the Stable Parliamentary Seat Share," Econometric Society 2004 Far Eastern Meetings 700, Econometric Society.
  3. Francesco Feri & Miguel Meléndez-Jiménez, 2013. "Coordination in evolving networks with endogenous decay," Journal of Evolutionary Economics, Springer, vol. 23(5), pages 955-1000, November.
  4. Jérome VICENTE (GRES-LEREPS), 2003. "From interaction economics to economic geography : theories and evidences (In French)," Cahiers du GRES 2003-02, Groupement de Recherches Economiques et Sociales.
  5. Carolina Castaldi & Giovanni Dosi, 2003. "The Grip of History and the Scope for Novelty: Some Results and Open Questions on Path Dependence in Economic Processes," LEM Papers Series 2003/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  6. Giovanni Dosi, 2012. "Economic Coordination and Dynamics: Some Elements of an Alternative "Evolutionary" Paradigm," LEM Papers Series 2012/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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