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Blueprint For An Algorithmic Economics

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  • STEPHEN KINSELLA

    ()
    (Department of Economics, Kemmy Business School, University of Limerick, Ireland)

Abstract

Algorithmic economics helps us stipulate, formulate, and resolve economic problems in a more precise manner than mainstream mathematical economics. It does so by aligning theorizing about an economic problem with both the data generated by the real world and the computers used to manipulate that data. Theoretically coherent, numerically meaningful, and therefore policy relevant, answers to economic problems can be extrapolated more readily using algorithmic economics than present day mathematical economics. An algorithmic economics would allow mathematical economics to prove theorems relating to economic problems, such as the existence of equilibria defined on some metric space, with embedded mechanisms for getting to the equilibria of these problems. A blueprint for such an economics is given and discussed with an example.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal New Mathematics and Natural Computation.

Volume (Year): 08 (2012)
Issue (Month): 01 ()
Pages: 101-111

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Handle: RePEc:wsi:nmncxx:v:08:y:2012:i:01:p:101-111

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Related research

Keywords: Algorithmic economics; mathematical economics; complexity theory;

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