Bounded Rarionality and Economic Evolution

LONDON SILVIA

Revista Brasileira de Economia de Empresas

Editoria Universa

Lugar: Brasilia; Año: 2006 vol. 6 p. 65 - 72

1676-8000

Bounded Rationality and Economic Evolution: some formal considerations Abstract Economic evolution is said to occur when economic structures change. In this paper we present a simple model of how evolutionary change may be caused when the agents have bounded rationality. Each agent has a model of the internal (and external) workings of the economy. This model consists of a limited vision of the economy. This restricted point of view can be formalized through economic ESO systems, which are basically cellular automata with endogenous rules of change that extend the notion of  critically self-organized systems (SOC). J.E.L. classification : B41 - C60 - O10