Agent-based computational models– a formal heuristic for institutionalist pattern modelling?. Issue 1 (15th June 2015)

• Record Type: Journal Article
• Authors: GRÄBNER, CLAUDIUS
• Is Part Of: Journal of institutional economics. Volume 12:Issue 1(2016)
• Page Start: 241
• Page End: 261
• Publication Date: 2015-06-15
• Subjects: Institutional economics -- Periodicals; 330.1552
• DOI: 10.1017/S1744137415000193
• Languages: English
• ISSNs: 1744-1374

Abstract

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.