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on Evolutionary Economics |
| By: | Wenseleers, Tom; Dewitte, Siegfried; De Block, Andreas |
| Abstract: | Over the last decades, many scholars have hinted at the possibility of a grand evolutionary synthesis, which would revolutionize the social sciences by bringing genetic and cultural evolution under a common umbrella. Yet, the many perceived idiosyncrasies of cultural evolution have long posed an obstacle for such an interdisciplinary synthesis. New discoveries in biology as well as recent developments in theoretical evolutionary biology, however, show that the alleged differences between genetic and cultural evolution may be smaller than previously suspected. In addition, important applications of cultural evolution theory have started to appear in diverse fields within the social sciences. A general evolutionary theory of cultural change, therefore, finally seems to be within reach. |
| Keywords: | cultural evolution; |
| Date: | 2010 |
| URL: | http://d.repec.org/n?u=RePEc:ner:leuven:urn:hdl:123456789/246717&r=evo |
| By: | Albrecht Irle; Jonas Kauschke; Thomas Lux; Mishael Milakovic |
| Abstract: | Markov chains have experienced a surge of economic interest in the form of behavioral agent-based models that aim at explaining the statistical regularities of financial returns. We review some of the relevant mathematical facts and show how they apply to agent-based herding models, with the particular goal of establishing their asymptotic behavior because several studies have pointed out that the ability of such models to reproduce the stylized facts hinges crucially on the size of the agent population (typically denoted by n), a phenomenon that is also known as n-dependence. Our main finding is that n-(in)dependence traces back to both the topology and the velocity of information transmission among heterogeneous financial agents |
| Keywords: | Markov chains, agent-based finance, herding, N-dependence |
| JEL: | C10 D84 D85 G19 |
| Date: | 2010–02 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1595&r=evo |