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The Road to Socioeconomic Fractality


  • George Mengov

    () (Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration)


Modelling socioeconomic phenomena is a challenge because of the difficulty to relate abstract conceptual structures with complex empirical data. The standard econometric approach takes whatever insight there exists, and simplifies it to fit into regression equations. However, developing economic ideas and empirical models separately may foster a tendency for science to diverge from reality, especially when those ideas originate in another discipline. This paper suggests a stochastic-optimization-based mapping of concepts from any domain on concepts from economics and management science. Such an approach could potentially alleviate the divergence problem by outsourcing part of the researcher’s task to the computational intelligence. By way of example I discuss the opportunities to use the field of mathematical neuroscience as a source of knowledge to be transferred to socioeconomic research.

Suggested Citation

  • George Mengov, 2016. "The Road to Socioeconomic Fractality," Bulgarian Economic Papers ( bep-2016-05, St Kliment Ohridski University of Sofia, Faculty of Economics and Business Administration / Center for Economic Theories and Policies, revised Mar 2016.
  • Handle: RePEc:sko:wpaper:bep-2016-05

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    More about this item


    Economic modelling; socioeconomic fractality; stochastic optimization;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • D7 - Microeconomics - - Analysis of Collective Decision-Making

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