Open Access
Institutional dynamics in an economy seen as a complex adaptive system
Loading...
Files
iefewp104.pdf (332.37 KB)
Full-text in Open Access
License
Access Rights
Cadmus Permanent Link
Full-text via DOI
ISBN
ISSN
1973-0381
Issue Date
Type of Publication
LC Subject Heading
Other Topic(s)
EUI Research Cluster(s)
Initial version
Published version
Succeeding version
Preceding version
Published version part
Earlier different version
Initial format
Author(s)
Citation
Università Bocconi IEFE Working Papers; 2018/104; Climate
Cite
VAZQUEZ, Miguel, Institutional dynamics in an economy seen as a complex adaptive system, Università Bocconi IEFE Working Papers, 2018/104, Climate - https://hdl.handle.net/1814/60111
Abstract
The primary objective of this paper is to study the role of institutions evolution assuming that economies are generally out of equilibrium. The focus is developing a logical framework that allows describing economies as complex adaptive systems. This will allow deducing the uncertainty inherent to the economy as a consequence of system characteristics (instead of assuming it as hypothesis). Thus, it will be possible to characterize adaptation from fundamental properties of the system. As institutions are mechanisms to facilitate adaptation, the paper will provide a fundamental description of the functioning and logic for institutions within complex adaptive systems.