Institutional dynamics in an economy seen as a complex adaptive system
No 104, IEFE Working Papers from IEFE, Center for Research on Energy and Environmental Economics and Policy, Universita' Bocconi, Milano, Italy
The primary objective of this paper is to study the role of institutions evolution assuming that economies are generally out of equilibrium. The focus is developing a logical framework that allows describing economies as complex adaptive systems. This will allow deducing the uncertainty inherent to the economy as a consequence of system characteristics (instead of assuming it as hypothesis). Thus, it will be possible to characterize adaptation from fundamental properties of the system. As institutions are mechanisms to facilitate adaptation, the paper will provide a fundamental description of the functioning and logic for institutions within complex adaptive systems.
Keywords: Complex adaptive systems; Institutional dynamics; Algorithmic rationality; Uncertainty (search for similar items in EconPapers)
JEL-codes: D8 D02 O3 B5 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hme and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bcu:iefewp:iefewp104
Access Statistics for this paper
More papers in IEFE Working Papers from IEFE, Center for Research on Energy and Environmental Economics and Policy, Universita' Bocconi, Milano, Italy Via Röntgen, 1 - 20136 Milano - Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Elena Dal Zotto ().