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Selection mechanisms in economics
Author(s) -
Sacco Pier Luigi
Publication year - 1994
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830390406
Subject(s) - selection (genetic algorithm) , mechanism (biology) , computer science , inertia , management science , complex adaptive system , dynamics (music) , mathematical economics , economics , artificial intelligence , sociology , epistemology , pedagogy , philosophy , physics , classical mechanics
Building an explicit modelling framework for the dynamics generated by adaptive behavior of decision makers in a decentralized system is one of the main goals of recent theoretical research in economics. We propose to model adaptive dynamics in terms of a certain selection mechanism characterized by different degrees of individual inertia to environmental changes. Some methodological points, with special reference to the main points of departure from biologically motivated selection mechanisms, are discussed.