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Neo-Schumpeterian Simulation Models

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  • Windrum,Paul

    (MERIT)

Abstract

The use of simulation modelling techniques by neo-Schumpeterian economists dates back to Nelson and Winter’s 1982 book “An Evolutionary Theory of Economic Change”, and has rapidly expanded ever since. This paper considers the way in which successive generations of models have extended the boundaries of research (both with respect to the range of phenomena considered and the different dimensions of innovation that are considered), and while simultaneously introducing novel modelling techniques. At the same time, the paper will highlight the distinct set of features that have emerged in these neo-Schumpeterian models, and which set them apart from the models developed by other schools. In particular, they share a distinct view about the type of world in which real economic agents operate, and a invariably contain a generic set of algorithms. In addition to reviewing past models, the paper considers a number of pressing issues that remain unresolved and which modellers will need to address in future. Notable amongst these are the methodological relationship between empirical studies and simulation (e.g. ‘history friendly modelling’), the development of common standards for sensitivity analysis, and the need to further extend the boundaries of research in order to consider important aspects of innovation and technical change.

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Bibliographic Info

Paper provided by Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology in its series Research Memoranda with number 002.

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Date of creation: 2004
Date of revision:
Handle: RePEc:dgr:umamer:2004002

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Web page: http://www.maastrichtuniversity.nl/web/UMPublications.htm

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Keywords: macroeconomics ;

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References

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  1. Drew Fudenberg & David K. Levine, 1998. "Learning in Games," Levine's Working Paper Archive 2222, David K. Levine.
  2. Verspagen, Bart, 1995. "Convergence in the global economy. A broad historical viewpoint," Open Access publications from Maastricht University urn:nbn:nl:ui:27-18001, Maastricht University.
  3. Soete, Luc & Turner, Roy, 1984. "Technology Diffusion and the Rate of Technical Change," Economic Journal, Royal Economic Society, vol. 94(375), pages 612-23, September.
  4. Winter, S. G. & Kaniovski, Y. M. & Dosi, G., 2000. "Modeling industrial dynamics with innovative entrants," Structural Change and Economic Dynamics, Elsevier, vol. 11(3), pages 255-293, September.
  5. Silverberg, Gerald & Lehnert, Doris, 1993. "Long waves and 'evolutionary chaos' in a simple Schumpeterian model of embodied technical change," Structural Change and Economic Dynamics, Elsevier, vol. 4(1), pages 9-37, June.
  6. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
  7. Chiaromonte, Francesca & Dosi, Giovanni, 1993. "Heterogeneity, competition, and macroeconomic dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 4(1), pages 39-63, June.
  8. Weisbuch, Gerard & Kirman, Alan & Herreiner, Dorothea, 2000. "Market Organisation and Trading Relationships," Economic Journal, Royal Economic Society, vol. 110(463), pages 411-36, April.
  9. Verspagen, Hubertus Henricus Gerardus, 1992. "Uneven growth between interdependent economies: an evolutionary view on technology gaps, trade and growth," Open Access publications from Maastricht University urn:nbn:nl:ui:27-10134, Maastricht University.
  10. Malerba, Franco & Nelson, Richard & Orsenigo, Luigi & Winter, Sidney, 2001. "Competition and industrial policies in a 'history friendly' model of the evolution of the computer industry," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 635-664, April.
  11. Jorgen W. Weibull, 1997. "Evolutionary Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262731215.
  12. Malerba, Franco, et al, 1999. "'History-Friendly' Models of Industry Evolution: The Computer Industry," Industrial and Corporate Change, Oxford University Press, vol. 8(1), pages 3-40, March.
  13. Brock, W A, 1999. "Scaling in Economics: A Reader's Guide," Industrial and Corporate Change, Oxford University Press, vol. 8(3), pages 409-46, September.
  14. Windrum, Paul & Birchenhall, Chris, 1998. "Is product life cycle theory a special case? Dominant designs and the emergence of market niches through coevolutionary-learning," Structural Change and Economic Dynamics, Elsevier, vol. 9(1), pages 109-134, March.
  15. Windrum,Paul, 1999. "Simulation models of technological innovation: A Review," Research Memoranda 005, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology.
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Citations

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Cited by:
  1. Safarzynska, Karolina & van den Bergh, Jeroen C.J.M., 2011. "Beyond replicator dynamics: Innovation-selection dynamics and optimal diversity," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 229-245, May.
  2. Georgy S. Levit & Uwe Hossfeld & Ulrich Witt, 2010. "Can Darwinism Be "Generalized" and of What Use Would This Be?," Papers on Economics and Evolution 2010-07, Max Planck Institute of Economics, Evolutionary Economics Group.
  3. Paul Windrum & Chris Birchenhall, 2005. "Structural change in the presence of network externalities: a co-evolutionary model of technological successions," Journal of Evolutionary Economics, Springer, vol. 15(2), pages 123-148, January.
  4. Lehmann-Waffenschmidt, B. Cornelia, 2008. "An Evolutionary Agent-based simulation model for the industry life cycle," Dresden Discussion Paper Series in Economics 10/08, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  5. Karolina Safarzyńska & Jeroen Bergh, 2010. "Evolutionary models in economics: a survey of methods and building blocks," Journal of Evolutionary Economics, Springer, vol. 20(3), pages 329-373, June.
  6. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  7. Giorgio Fagiolo & Alessio Moneta & Paul Windrum, 2007. "A Critical Guide to Empirical Validation of Agent-Based Models in Economics: Methodologies, Procedures, and Open Problems," Computational Economics, Society for Computational Economics, vol. 30(3), pages 195-226, October.
  8. Franco Malerba & Richard Nelson & Luigi Orsenigo & Sidney Winter, 2007. "Public Policies and Changing Boundaries of Firms in a "History Friendly" Model of the Co-evolution of the Computer and Semiconductor Industries," KITeS Working Papers 201, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Jun 2007.
  9. Andreas Pyka & Nigel Gilbert & Petra Ahrweiler, 2006. "Simulating Knowledge-Generation and -Distribution Processes in Innovation Collaborations and Networks," Discussion Paper Series 287, Universitaet Augsburg, Institute for Economics.

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