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Innovation Success and Structural Change: An Abstract Agent Based Study

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  • Tanya Araújo
  • Rui Vilela Mendes

Abstract

A model is developed to study the effectiveness of innovation and its impact on structure creation and structure change on agent-based societies. The abstract model that is developed is easily adapted to any particular field. In any interacting environment, the agents receive something from the environment (the other agents) in exchange for their effort and pay the environment a certain amount of value for the fulfilling of their needs or for the very price of existence in that environment. This is coded by two bit strings and the dynamics of the exchange is based on the matching of these strings to those of the other agents. Innovation is related to the adaptation by the agents of their bit strings to improve some utility function.
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Suggested Citation

  • Tanya Araújo & Rui Vilela Mendes, 2007. "Innovation Success and Structural Change: An Abstract Agent Based Study," Working Papers Department of Economics 2007/25, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    • Handle: RePEc:ise:isegwp:wp252007
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    References listed on IDEAS

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    1. Alan Kirman, 2004. "Economics And Complexity," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 7(02), pages 139-155.
    2. Blume,L.E. & Durlauf,S.N., 2000. "The interactions-based approach to socioeconomic behavior," Working papers 1, Wisconsin Madison - Social Systems.
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    Cited by:

    1. Sven Banisch & Tanya Araújo & Jorge Louçã, 2010. "Opinion Dynamics And Communication Networks," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 13(01), pages 95-111.

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    Keywords

    Innovation; Agent based models; Artificial societies.;
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