From particles to firms: a kinetic model of climbing up evolutionary landscapes

Nicola Bellomo, Giovanni Dosi, Damian A. Knopoff and Maria Enrica Virgillito

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: This paper represents the first attempt to bridge the evolutionary theory in economics and the theory of active particles in mathematics. It seeks to present a kinetic model for an evolutionary formalization of socio-economic systems. The derived new mathematical formulation intends to formalize the processes of learning and selection as the two fundamental drivers of evolutionary systems [7]. To coherentl y represent the aforementioned properties, the kinetic theory of active particles [1] is here further developed, including the complex interaction of two hierarchical functional subsystems. Modeling and simulations enlighten the predictive ability of the approach. Finally, we outline the potential avenues for future research.

Keywords: Evolutionary dynamics; idiosyncratic learning; market selection; active particles; kinetic theory. (search for similar items in EconPapers)
Date: 2020-02-15
New Economics Papers: this item is included in nep-evo, nep-hme and nep-ino
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2020/04

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