Markets come to bits: Evolution, computation and markomata in economic science

Mirowski, Philip

doi:10.1016/j.jebo.2005.03.015

Cited by 104 publications

(43 citation statements)

References 51 publications

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“…As Mirowski (2006) makes clear, computer modeling has yet to be accepted into the standard economics toolkit. Given the rapidly growing capabilities of computers, it seems an appropriate time to reevaluate this toolkit.…”

Section: Discussionmentioning

confidence: 99%

“…In his usual brilliant and provocative style, Mirowski (2006) argues for a constructive approach to economic modeling centered on the computational representation of markets as integrated sets of algorithms that evolve over time. This essay counters that a broader constructive approach to economic modeling can and should be taken.…”

Section: Introductionmentioning

confidence: 99%

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Abstract Mirowski (2006) argues for a constructive approach to economic modeling centered on markets as evolving computational entities. This essay counters that a broader constructive approach to economic modeling can and should be taken.

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mentioning

confidence: 99%

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Agents come to bits: Towards a constructive comprehensive taxonomy of economic entities

Tesfatsion

2007

Journal of Economic Behavior & Organization

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Mirowski (2006) argues for a constructive approach to economic modeling centered on markets as evolving computational entities. This essay counters that a broader constructive approach to economic modeling can and should be taken. The recent advent of powerful computer technologies supporting Agent-Based Modeling (ABM) renders feasible the computational study of economies modeled as evolving systems of interacting agents. In ABM, an "agent" refers broadly to bundled data and behavioral methods representing an entity constituting part of a computationally constructed world. Examples of possible agent referents include individuals, social groupings, institutions (e.g., markets), biological entities such as crops, and physical entities such as transportation networks and weather. Consequently, ABM provides tremendous opportunities for economists and other social scientists to tailor the breadth and depth of the entities represented in their models to the application at hand. A simple ABM of a two-sector decentralized market economy is used for concrete illustration. KeywordsAgent-based modeling; agent-based computational economics; structure; institution; behavior; decentralized market economies; agent-oriented programming. JEL classification: B4,C6,C7,D4,D5,D6,D8,L12

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Agents come to bits: Towards a constructive comprehensive taxonomy of economic entities

Tesfatsion

2007

Journal of Economic Behavior & Organization

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“…Although we are familiar with the singular phrase 'the market', and it is difficult to avoid it entirely, it is highly misleading. Once we acknowledge that markets are institutions then it is clear that there is not one market form, but several (Hodgson 1988, 2008a, Mirowski 2007. It is a defect of both neoclassical and Marxist economics to treat the market as a singular entity, and to underestimate its differences in form.…”

Section: More Central Claims Dissected -Markets and Neoclassical Econmentioning

confidence: 99%

Sickonomics: Diagnoses and Remedies

Hodgson

2011

Review of Social Economy

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The Business School at the University of Hertfordshire (UH) employs approximately 150 academic staff in a state-of-the-art environment located in Hatfield Business Park. It offers 17 undergraduate degree programmes, 21 postgraduate programmes and there are about 80 research students, mostly working at doctoral level. Business School staff are active in research in numerous areas, including complexity theory, institutional economics, economic modelling, efficiency measurement the creative industries, employment studies, finance, accounting, statistical methods and management science.The University of Hertfordshire has been recognised as the exemplar of a business-facing university. It is one of the region's largest employers with over 2,700 staff and a turnover of £205 m. In the 2008 UK Research Assessment Exercise it was given the highest rank for research quality among the post-1992 universities.-2 -

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“…24 Pretendeu-se aqui desenvolver apenas um argumento metodológico que aponta para um novo programa de pesquisa, o qual é consistente com certas preocupações mais gerais da fronteira da teoria econômica (Mirowski, 2007). Indicou-se apenas como o modo clássico e marxiano de pensar a formação de preços pode ser reexaminado com base na matemática computacional.…”

Section: T Q T P T Formação De Preços Como Processo Complexounclassified

Formação de preços como processo complexo

Prado

2007

Estud. Econ.

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Markets come to bits: Evolution, computation and markomata in economic science

Cited by 104 publications

References 51 publications

Agents come to bits: Towards a constructive comprehensive taxonomy of economic entities

Agents come to bits: Towards a constructive comprehensive taxonomy of economic entities

Sickonomics: Diagnoses and Remedies

Formação de preços como processo complexo

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