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

Author

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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.

Suggested Citation

  • Karolina Safarzynska & Jeroen C.J.M. van den Bergh, 2008. "Evolutionary Modelling in Economics: A Survey of Methods and Building Blocks," Papers on Economics and Evolution 2008-06, Philipps University Marburg, Department of Geography.
    • Handle: RePEc:esi:evopap:2008-06
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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. Safarzyńska, Karolina & van den Bergh, Jeroen C.J.M., 2017. "Integrated crisis-energy policy: Macro-evolutionary modelling of technology, finance and energy interactions," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 119-137.
    3. Batinge, Benjamin & Musango, Josephine Kaviti & Brent, Alan C., 2019. "Sustainable energy transition framework for unmet electricity markets," Energy Policy, Elsevier, vol. 129(C), pages 1090-1099.
    4. Filippo Celata & Venere Stefania sanna, "undated". "Community activism and sustainability: a multi-dimensional assessment," Working Papers 137/14, Sapienza University of Rome, Metodi e Modelli per l'Economia, il Territorio e la Finanza MEMOTEF.
    5. Safarzyńska, Karolina & van den Bergh, Jeroen C.J.M., 2017. "Financial stability at risk due to investing rapidly in renewable energy," Energy Policy, Elsevier, vol. 108(C), pages 12-20.

    More about this item

    Keywords

    bounded rationality; evolutionary algorithms; evolutionary game theory; evolutionary growth; innovation; multilevel evolution; neo-Schumpeterian models Length 51 pages;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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