Generalized Darwinian evolutionary theory has emerged as central to the description of economic process (e.g., Aldrich et al., J Evol Econ 18:577–596, <CitationRef CitationID="CR3">2008</CitationRef>). Just as Darwinian principles provide necessary, but not sufficient, conditions for understanding the dynamics of social entities, so too...</citationref>

We consider the microfoundations controversy from the perspective of economic evolution. Although the analogy between biology and economics has been noted before, it has rarely focused on clarifying the micro-macro distinction in economic theory and modelling. The micro-macro debate is more...

This article surveys boundedly rational heterogeneous agent (BRHA) models of financial markets. We give particular emphasis to the role of the market clearing mechanism used, the utility function of the investors, the interaction of price and wealth dynamics, and calibration of this class of...

The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this is so, extolling the virtues of equilibrium theory; then...