Entangled economy: An ecosystems approach to modeling systemic level dynamics

We present a model of an economy inspired by individual based model approaches in evolutionary ecology. We demonstrate that evolutionary dynamics in a space of companies interconnected through a correlated interaction matrix produces time dependencies of the total size of the economy, total number of companies, companies’ age and capital distribution that compares well with statistics for the USA. We discuss the relevance of our modeling framework to policy making.

MoreLess

Year of publication:	2013
Authors:	Robalino, Juan David ; Jensen, Henrik Jeldtoft
Published in:	Physica A: Statistical Mechanics and its Applications. - Elsevier, ISSN 0378-4371. - Vol. 392.2013, 4, p. 773-784
Publisher:	Elsevier
Subject:	Complexity economics \| Evolutionary economics

More details

Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010603437