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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

Abstract: 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
Date: 2008-06
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