Emergence and Evolution of Property Rights: an Agent Based Perspective

Enrico Bertacchini (), Jakob Grazzini and Elena Vallino ()

Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin

Abstract: In this paper we provide a critical assessment on how agent based models (ABMs) may improve and extend the traditional theoretical approaches on the origin and evolution of property rights, namely the economics of property rights and the evolutionary game models on contest behavior. We contend that ABMs, through their focus on adaptive complex systems, integrate and foster the analytical capacity of traditional approaches in several directions. First, they can add behavioral rules which go beyond simple utility maximization, such as those deriving from cultural traits. Second, they not only allow indentyfing stationary outcomes, but also the timing of evolutionary patterns. Third, ABMs highlight how the structure of interactions among agents will influence the outcome.

Pages: 13 pages
Date: 2013-09
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Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:201340

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