Seminar in Economic Modeling
Evolutionary and institutional economics: Theory and simulation.
The first half of the workshop offers an overview of conceptions, theories,
and models of evolutionary and institutional economics. Biological
analogies in economic theory, complexity, and evolutionary processes of
complex systems will be discussed. The conceptions of "self-organization," "equilibrium," and "emergence" will be compared. Applications will include "self-policing" institutions, the "evolution of cooperation," the evolution of
technology selection, and the evolutionary theory of the firm. The second
half will combine reading papers in the simulation literature with student
pilot research projects.
Students must have completed Advanced Micro I, Advanced Macro I or II, and Advanced Econometrics I, or have permission of the instructor before being eligible for registration.