Entangled economy: An ecosystems approach to modeling systemic level dynamics
Authored by Juan David Robalino, Henrik Jeldtoft Jensen
Date Published: 2013
DOI: 10.1016/j.physa.2012.10.037
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Abstract
We present a model of an economy inspired by individual based model
approaches in evolutionary ecology. We demonstrate that evolutionary
dynamics in a space of companies interconnected through a correlated
interaction matrix produces time dependencies of the total size of the
economy, total number of companies, companies' age and capital
distribution that compares well with statistics for the USA. We discuss
the relevance of our modeling framework to policy making. (C) 2012
Elsevier B.V. All rights reserved.
Tags
Complexity
Evolution
ecology