Evolutionary Modelling in Economics:A Survey of Methods and Building Blocks

In this paper we present an overview of methods and components of formal economic modelsemploying evolutionary approaches. This compromises two levels: (1) techniques ofevolutionary modelling, including multi-agent modelling, evolutionary algorithms andevolutionary game theory; (2) building blocks or components of formal models classified intocore processes and features of evolutionary systems - diversity, innovation and selection - andadditional elements, such as bounded rationality, diffusion, path dependency and lock-in, coevolutionarydynamics, multilevel and group selection, and evolutionary growth. We focusour attention on the characteristics of models and techniques and their underlyingassumptions...