Agent-based computational modelsâ€“ a formal heuristic for institutionalist pattern modelling?
Authors registered in the RePEc Author Service: Claudius Gräbner ()
Journal of Institutional Economics, 2016, vol. 12, issue 1, 241-261
I investigate the consistency of agent-based computational models with the institutionalist research program as outlined by Myrdal, Wilber and Harrison, Hodgson and others. In particular, I discuss whether such models can be a useful heuristic for â€˜pattern modellingâ€™: Can they provide a holistic, systemic and evolutionary perspective on the economy? How can agency be conceptualised within ABMs? Building on these issues, I discuss potentials and challenges of the application of ABM in institutionalist research. This discussion also relates to recent methodological advances in neo-Schumpeterian economics. I explain how institutionalists can benefit from these and suggest areas for joint research under the methodological umbrella of ABM.
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