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Scientists and engineers seek to understand how real-world systems work and could work better. Any modeling method devised for such purposes must simplify reality. Ideally, however, the modeling method should be flexible as well as logically rigorous; it should permit model simplifications to be appropriately tailored for the specific purpose at hand. Flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a completely agent-based modeling method characterized by seven specific modeling principles. (...) |
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In this interview, professor Davis discusses the evolution of his career and research interests as a philosopher-economist and gives his perspective on a number of important issues in the field. He argues that historians and methodologists of economics should be engaged in the practice of economics, and that historians should be more open to philosophical analysis of the content of economic ideas. He suggests that the history of recent economics is a particularly fruitful and important area for research exactly because (...) |
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Sumantra Ghoshal’s condemnation of “bad management theories” that were “destroying good management practices” has not lost any of its salience, after a decade. Management theories anchored in agency theory (and neo-classical economics generally) continue to abet the financialization of society and undermine the functioning of business. An alternative approach (drawn from a more classic institutional, new ecological, and refocused ethical approaches) is reviewed. |
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Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, (...) |
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Mark Blaug played a central role in the development of the field of the methodology of economics, alongside his theoretical work and contributions to the history of economic thought. The purpose, in this article, is to focus on his contributions to the topic of 'formalism in economics', in relation to his methodological commentaries on the Popperian and Lakatosian approaches to the philosophy of science. In Blaugian spirit, the discussion is related to economic theory and draws on the history of economic (...) |
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Philosophy of the Social Sciences, Volume 52, Issue 4, Page 207-234, July 2022. According to Searle’s theory of collective intentionality, the fundamental structure of any society can be accounted for in terms of cooperative mechanisms that create deontic relations. This paper criticizes Searle’s standpoint on the ground that, while his social ontology can make sense of simple systems of interaction like symphony orchestras and football teams, the whole coordinative structure of the modern market society cannot be explained solely in terms (...) |
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Strategic interactions have been studied extensively in the area of judgment and decision-making. However, so far no specific measure of a decision-maker's ability to be successful in strategic interactions has been proposed and tested. Our contribution is the development of a measure of strategic ability that borrows from both game theory and psychology. Such measure is aimed at providing an estimation of the likelihood of success in many social activities that involve strategic interaction among multiple decision-makers. To construct a reliable (...) |
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This study provides a basic introduction to agent-based modeling (ABM) as a powerful blend of classical and constructive mathematics, with a primary focus on its applicability for social science research. The typical goals of ABM social science researchers are discussed along with the culture-dish nature of their computer experiments. The applicability of ABM for science more generally is also considered, with special attention to physics. Finally, two distinct types of ABM applications are summarized in order to illustrate concretely the duality (...) |
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