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John Holland's Legacy in Economics: Artificial Adaptive Economic Agents --From 1986 to the Present in Retrospect

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  • Shu-Heng Chen

Abstract

In this paper, we will give a review on the development of artificial adaptive economic agents in evolutionary economics. The review starts from a 1986 paper by Robert Lucas, a Nobel Prize laureate in economics. From there, we shall see how the idea of economic adaptive agents was enriched and implemented by Holland's two books, Holland (1975) on genetic algorithms and Holland (1986) on classifier systems. We will then examine the impact of Holland's artificial adaptive agents on two different groups of economists. One was led by Thomas Sargent representing New Classical Economics, and the other by Brian Arthur standing for Santa Fe Institute Economics. A moot point brought here is that the spirit of the GA (John Holland's legacy) is lost in mainstream economics, but is reserved in SFI economics. We then shift to Koza's genetic programming and show how John Holland's legacy was further expanded in evolutionary economics.

Suggested Citation

  • Shu-Heng Chen, 2001. "John Holland's Legacy in Economics: Artificial Adaptive Economic Agents --From 1986 to the Present in Retrospect," Computing in Economics and Finance 2001 158, Society for Computational Economics.
    • Handle: RePEc:sce:scecf1:158
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    More about this item

    Keywords

    Artificial Adaptive Economic Agents; Building Blocks; Genetic Programming; LISP S-Expression; Evolving Populations of Decision Rules;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics

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