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The Road to Socioeconomic Fractality

Author

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  • George Mengov

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

Abstract

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, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria // Center for Economic Theories and Policies at Sofia University St Kliment Ohridski, revised Mar 2016.
    • Handle: RePEc:sko:wpaper:bep-2016-05
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    File URL: https://www.uni-sofia.bg/index.php/eng/content/download/154346/1107941/file/BEP-2016-05.pdf
    File Function: First version, 2016
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    More about this item

    Keywords

    Economic modelling; socioeconomic fractality; stochastic optimization;
    All these keywords.

    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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