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Evolutionary Modelling in Economics: A Survey of Methods and Building Blocks

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  • Karolina Safarzynska
  • Jeroen C.J.M. van den Bergh

Abstract

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.

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Bibliographic Info

Paper provided by Philipps University Marburg, Department of Geography in its series Papers on Economics and Evolution with number 2008-06.

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Date of creation: Jun 2008
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Handle: RePEc:esi:evopap:2008-06

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Keywords: bounded rationality; evolutionary algorithms; evolutionary game theory; evolutionary growth; innovation; multilevel evolution; neo-Schumpeterian models Length 51 pages;

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