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Agent-based computational models– a formal heuristic for institutionalist pattern modelling?

Published online by Cambridge University Press:  15 June 2015

CLAUDIUS GRÄBNER*
Affiliation:
Institute for Institutional and Innovation Economics (iino), University of Bremen, Bremen, Germany

Abstract

I investigate the consistency of agent-based computational models with the institutionalist research program as outlined by Myrdal, Wilber and Harrison, Hodgson and others. In particular, I discuss whether such models can be a useful heuristic for ‘pattern modelling’: Can they provide a holistic, systemic and evolutionary perspective on the economy? How can agency be conceptualised within ABMs? Building on these issues, I discuss potentials and challenges of the application of ABM in institutionalist research. This discussion also relates to recent methodological advances in neo-Schumpeterian economics. I explain how institutionalists can benefit from these and suggest areas for joint research under the methodological umbrella of ABM.

Type
Research Article
Copyright
Copyright © Millennium Economics Ltd 2015 

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