Computer Simulation Studies of the Entrepreneurial Market Process

Mohammad Keyhani ()
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Mohammad Keyhani: University of Calgary

A chapter in Complexity in Entrepreneurship, Innovation and Technology Research, 2016, pp 117-137 from Springer

Abstract: Abstract This chapter reviews a line of research that studies several different theoretical questions in entrepreneurship through novel applications of computer simulation. All of the simulation studies reviewed are based on a shared game-theoretical modeling framework that allows a high level of integration with existing theories. What made these simulations unique was their firm grounding in the theory of the entrepreneurial market process from Austrian economics, and the lack of previous simulation studies in the entrepreneurship field. The focus is on how and why the cooperative game theory framework was chosen, the justification and process of applying the simulation method and the lessons learned from doing so. The aim is to provide entrepreneurship scholars with a better understanding of where and why computer simulation may add something of value to their research as a tool for the analysis of complex systems. The reviewed studies involve artificial economies with a small number of agents, demonstrating that the emergence of complex macro patterns from micro behaviors does not require large numbers of agents.

Keywords: Austrian economics; Computational modeling; Cooperative game theory; Disequilibrium; Market process (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fgfchp:978-3-319-27108-8_6

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DOI: 10.1007/978-3-319-27108-8_6

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