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This paper introduces a categorization of simulation models. It provides an explicit overview of the steps that lead to a simulation model. We highlight the advantages and disadvantages of various simulation approaches by examining how they advocate different ways of constructing simulation...
Persistent link: https://www.econbiz.de/10005765307
When advising policy we face the fundamental problem that economic processes are connected with uncertainty and thus policy can err. In this paper we show how the use of simulation models can reduce policy errors. We suggest that policy is best based on so-called abductive simulation models,...
Persistent link: https://www.econbiz.de/10005835629
environment under exam. The paper aims to give a methodological contribution to the “History-friendly” methodology. We discuss the …
Persistent link: https://www.econbiz.de/10008683416
This paper is motivated by the observation that (1) socio economic analysis uses significantly less formalisms than mainstream economics, and (2) that there exist numerous situations in which socio economics could benefit from a more formal analysis. This is particularly the case if institutions...
Persistent link: https://www.econbiz.de/10011122830
Institutionalist economists have always been criticizing the neoclassical way of studying the economy, especially because of its obsession to a very strict and flawed formalism. This formalism receives critique also from advocates of agent-based computational economic (ACE) models. The criticism...
Persistent link: https://www.econbiz.de/10011108165
main research strands: 'History of Economic Thought and Methodology' and 'Games'. Moreover, formal approaches have a …
Persistent link: https://www.econbiz.de/10010266721
Human knowledge is a human creation: we seek to make sense by creating patterns, which are tested in various ways and with differing degrees and kinds of rigour. For each individual cognition is a scarce resource, but different people can apply it in diverse ways and to diverse subjects: each...
Persistent link: https://www.econbiz.de/10010907931
In the last two decades there has been a noticeable increase in published research in evolutionary economics. The idea that formal modelling is a sine qua non condition for establishing a rigours and coherence scientific frame, has led to an over concern with formalization issues among...
Persistent link: https://www.econbiz.de/10005765378
This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...
Persistent link: https://www.econbiz.de/10005789620
This paper sketches the history of behavioral macroeconomics and presents four current approaches in the literature: the ad hoc behavioral approach, partial behavioral macroeconomic models, experimental macroeconomics, and behavioral DSGE models. Much of this literature is still patchwork, with...
Persistent link: https://www.econbiz.de/10014363293