Evolutionary Modelling in Economics: A Survey of Methods and Building Blocks
Karolina Safarzynska () and
Jeroen van den Bergh
Papers on Economics and Evolution from Philipps University Marburg, Department of Geography
In this paper we present an overview of methods and components of formal economic models employing evolutionary approaches. This compromises two levels: (1) techniques of evolutionary modelling, including multi-agent modelling, evolutionary algorithms and evolutionary game theory; (2) building blocks or components of formal models classified into core processes and features of evolutionary systems - diversity, innovation and selection - and additional elements, such as bounded rationality, diffusion, path dependency and lock-in, co-evolutionary dynamics, multilevel and group selection, and evolutionary growth. We focus our attention on the characteristics of models and techniques and their underlying assumptions.
Keywords: bounded rationality; evolutionary algorithms; evolutionary game theory; evolutionary growth; innovation; multilevel evolution; neo-Schumpeterian models Length 51 pages (search for similar items in EconPapers)
JEL-codes: B52 C60 C73 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-cmp, nep-evo and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:esi:evopap:2008-06
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