New Perspectives on Institutionalist Pattern Modeling: Systemism, Complexity, and Agent-Based Modeling

Gräbner, Claudius; Kapeller, Jakob

doi:10.1080/00213624.2015.1042765

Cited by 21 publications

(12 citation statements)

References 19 publications

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“…Instead, (MP1) is in accordance with the standard dictionary meaning of agent as any entity, whether person or thing, able to take actions that affect subsequent events. ACE researchers can thus represent agents at different ontological levels in accordance with their purposes (Gräbner, 2015). Also, the "state" conceptualization in (MP1) differs in two important ways from state depictions in standard state-space modeling:…”

Section: Ace Modeling Principlesmentioning

confidence: 99%

Modeling economic systems as locally-constructive sequential games

Tesfatsion

2017

Journal of Economic Methodology

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Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, agent-based computational economics (ACE), that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented. The remainder of the paper then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing.

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Section: Ace Modeling Principlesmentioning

confidence: 99%

Modeling economic systems as locally-constructive sequential games

Tesfatsion

2017

Journal of Economic Methodology

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“…The theoretical challenge can be addressed by using the meta-theoretical concept of deep explanations, which can be derived from the kind of systemism underlying much of institutionalism (Gräbner & Kapeller, 2015). Here, complexity economists can benefit from the sound philosophical foundation of institutionalism.…”

Section: Epistemological Implications Of the Complexity Challenge: Thmentioning

confidence: 99%

“…Together with the concept of a mechanism (which will be discussed below), systems are the constitutional ingredients to the philosophical framework of systemism underlying much of institutionalist theory (Gräbner & Kapeller, 2015). Roughly speaking, the essential properties of complex social systems are (i) the fact that they consist of many different parts that are potentially heterogeneous and adaptive, (ii) a non-trivial set of relations among the parts that represent their direct interdependence, and (iii) a layered ontology, i.e.…”

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confidence: 99%

The Complementary Relationship Between Institutional and Complexity Economics: The Example of Deep Mechanismic Explanations

Gräbner

2017

Journal of Economic Issues

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Analyzing economic systems from an evolutionary-institutional or a complexity perspective are two complementary approaches to economic inquiry. Three arguments in favor of this hypothesis are discussed: (i) eminent institutional economists have considered the economy as what today could be considered a complex system; (ii) complexity economists lack meta-theoretical foundations which could be provided by institutionalist theory; (iii) institutional economists could benefit from using methods of complexity economics.In this context I argue that scholars considering the economy to be complex should seek to explain it by discovering social mechanisms instead of focusing on prediction. For the discrimination between alternative explanations, scholars should refer to the deepness of an explanation, rather than to Occam's razor.

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“…Such an approach would certainly be compatible with ABM, but more difficult to realize via EBM. See Gräbner and Kapeller (2015) for a short introduction. 7 There is another reason for a joint use of ABMs and EBMs, even if one does not accept the distinction between modelling states and mechanisms.…”

Section: Epistemological Considerationsmentioning

confidence: 99%

Getting the Best of Both Worlds? Developing Complementary Equation-Based and Agent-Based Models

et al. 2017

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We argue that building agent-based and equation-based versions of the same theoretical model is a fruitful way of gaining insights into real-world phenomena. We use the epistemological concept of "models as isolations and surrogate systems" as the philosophical underpinning of this argument. In particular, we show that agent-based and equation-based approaches align well when used simultaneously and, contrary to some common misconceptions, should be considered complements rather than substitutes. We illustrate the usefulness of the approach by examining a model of the long-run relationship between economic development and inequality (i.e., the Kuznets hypothesis).

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New Perspectives on Institutionalist Pattern Modeling: Systemism, Complexity, and Agent-Based Modeling

Cited by 21 publications

References 19 publications

Modeling economic systems as locally-constructive sequential games

Modeling economic systems as locally-constructive sequential games

The Complementary Relationship Between Institutional and Complexity Economics: The Example of Deep Mechanismic Explanations

Getting the Best of Both Worlds? Developing Complementary Equation-Based and Agent-Based Models

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