Some adaptive models

Richard H. Day

European Review of Agricultural Economics, 1976, vol. 3, issue 2-3, 323-348

Abstract: Adaptive economics, as presented here, is not a particular model based on a fixed number of axioms. Rather it is an approach that incorporates several distinct concepts of adaptaion and evolution. Specific models may be constructed from this approach. In line with this eclectic view, a number of models developed during the past two decades can be regarded as belonging to the field of adaptive economics. From this large class of models, a selected group has been chosen for discussion here. While reflecting the present author's own interests, they serve to illustrate the application of many of the concepts discussed elsewhere in this issue. First, several models based on switches and simple rules are briefly reviewed. These include models of the behavioral, system dynamics, learning, and general systems simulation varieties. Next, various kinds of recursive programming models based on optimizing tactics are summarized. Then recursive programming models incorporating strategic considerations are briefly considered. The article concludes with a summary of the general findings that emerge from various empirical studies. The relationship between the structural features of the models and the nature of economic change itself is emphasized in this conclusion.

Date: 1976
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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