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Formal Approaches to Socio Economic Policy Analysis - Past and Perspectives

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  • Gräbner, Claudius

Abstract

This paper is motivated by the observation that (1) socio economic analysis uses significantly less formalisms than mainstream economics, and (2) that there exist numerous situations in which socio economics could benefit from a more formal analysis. This is particularly the case if institutions play an important role in the system to be investigated. Starting with a broad conception of a formalism, this paper introduces and discusses five different formal approaches regarding their adequateness for socio economic analysis: The Social Fabric Matrix Approach, the Institutional Analysis and Development Framework, System Dynamics, (Evolutionary) Game Theory, and Agent Based Computational Modeling. As a formal analysis always comes up with implicit ontological and epistemological tendencies, that have to be reflected if the formalism should contribute to a better understanding of the system under investigation, this paper pays particular attention to these tendencies of the considered formalisms. In the end, antagonisms and possible convergences among the formalisms are discussed.

Suggested Citation

  • Gräbner, Claudius, 2015. "Formal Approaches to Socio Economic Policy Analysis - Past and Perspectives," MPRA Paper 61348, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:61348
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    File URL: https://mpra.ub.uni-muenchen.de/61348/1/MPRA_paper_61348.pdf
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    References listed on IDEAS

    as
    1. Geoffrey M. Hodgson, 2003. "The hidden persuaders: institutions and individuals in economic theory," Cambridge Journal of Economics, Oxford University Press, vol. 27(2), pages 159-175, March.
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    3. John Geanakoplos & Robert Axtell & J. Doyne Farmer & Peter Howitt & Benjamin Conlee & Jonathan Goldstein & Matthew Hendrey & Nathan M. Palmer & Chun-Yi Yang, 2012. "Getting at Systemic Risk via an Agent-Based Model of the Housing Market," American Economic Review, American Economic Association, vol. 102(3), pages 53-58, May.
    4. Gräbner, Claudius, 2016. "Agent-based computational models– a formal heuristic for institutionalist pattern modelling?," Journal of Institutional Economics, Cambridge University Press, vol. 12(01), pages 241-261, March.
    5. Vittorio Pelligra, 2011. "Intentions, Trust and Frames: A Note on Sociality and the Theory of Games," Review of Social Economy, Taylor & Francis Journals, vol. 69(2), pages 163-188.
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    More about this item

    Keywords

    Social Economics; Institutional Economics; Methodology; Epistemology; Ontology; System Dynamics; Social Fabric Matrix; (Evolutionary) Game Theory; Agent-Based Computational Economics; Econometrics.;

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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