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The Road to Socioeconomic Fractality

George Mengov ()
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George Mengov: Sofia University St. Kliment Ohridski, Faculty of Economics and Business Administration

Bulgarian Economic Papers from Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria // Center for Economic Theories and Policies at Sofia University St Kliment Ohridski

Abstract: Modelling socioeconomic phenomena is a challenge because of the difficulty to relate abstract conceptual structures with complex empirical data. The standard econometric approach takes whatever insight there exists, and simplifies it to fit into regression equations. However, developing economic ideas and empirical models separately may foster a tendency for science to diverge from reality, especially when those ideas originate in another discipline. This paper suggests a stochastic-optimization-based mapping of concepts from any domain on concepts from economics and management science. Such an approach could potentially alleviate the divergence problem by outsourcing part of the researcher’s task to the computational intelligence. By way of example I discuss the opportunities to use the field of mathematical neuroscience as a source of knowledge to be transferred to socioeconomic research.

Keywords: Economic modelling; socioeconomic fractality; stochastic optimization (search for similar items in EconPapers)
JEL-codes: B4 C63 D7 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2016-03, Revised 2016-03
New Economics Papers: this item is included in nep-hme
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Persistent link: https://EconPapers.repec.org/RePEc:sko:wpaper:bep-2016-05

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