Institutional dynamics in an economy seen as a complex adaptive system
Title: Institutional dynamics in an economy seen as a complex adaptive system
Author: VAZQUEZ, Miguel
Series/Number: Università Bocconi IEFE Working Papers; 2018/104
External link: http://www.iefe.unibocconi.it/
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.
Subject: Complex adaptive systems; Institutional dynamics; Algorithmic rationality; Uncertainty; D8; D02; O3; B5
Type of Access: openAccess