ssrn-id1641430

ssrn-id1641430 - Examining Social Processes with...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Electronic copy available at: http://ssrn.com/abstract=1641430 Examining Social Processes with Agent-Based Models Chad W. Seagren Assistant Professor Operations Research Dept Naval Postgraduate School Monterey, CA 93940 cwseagre@nps.edu 15 July 2010 Abstract: JEL Classifications: B41, B53, C63 Keywords: agent-based modeling, methodology It is plain that the Austrian revival that began in the 1970s has yet to succeed in convincing the mainstream of the academy to jettison their physics-based mathematical models in favor of the sort of models and forms of argumentation that contemporary Austrians advocate. Agent-based computational modeling is still in its relative infancy but is beginning to gain recognition among economists disenchanted with the neoclassical paradigm. The purpose of this paper is to assuage concerns that readers might have regarding methodological consistency between agent-based modeling and Austrian economics and to advocate its adoption as a means to convey Austrian ideas to a wider audience. I examine models developed and published by other researchers and ultimately provide an outline of how one might develop a research agenda that leverages this technique. I argue that agent-based modeling can be used to enhance Austrian theorizing and offers a viable alternative to the neoclassical paradigm. For guidance, discussion, and useful suggestions I would like to thank Richard Wagner, Charles Rowley, Robert Axtell, Virgil Storr, David Prychitko, Steven Horwitz, as well as the participants at the 2009 SDAE conference for helpful comments and insights on earlier versions of this paper. I thank two anonymous referees for their thoughtful comments. Any errors remain mine alone.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Electronic copy available at: http://ssrn.com/abstract=1641430 1 1 Introduction Austrian economists have provided a rich and unique perspective of economic science since the time of Carl Menger and Eugen Bohm-Bawerk. While there is some controversy over the extent to which mainstream economists have assimilated Austrian ideas, it is plain that the revival that began in the 1970s has yet to succeed in convincing the mainstream of the academy to jettison their physics-based mathematical models in favor of the sort of models and forms of argumentation that contemporary Austrians advocate. This paper is an attempt to demonstrate how Austrian economists might employ agent-based computational models as a means to complement research on traditional Austrian themes as well as improve the possibility of reaching a wider audience for those ideas. Whether you believe the label “Austrian” economics remains useful, or prefer to think in terms of ‘good’ economics and ‘bad’ economics, the primary methodological tenets of Austrian economics are an adherence to methodological individualism, subjectivism, and the notion of the market as a process through time. Recent advances in the broader fields of social science offer economists the opportunity to maintain consistency with respect to these methodological tenets
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 32

ssrn-id1641430 - Examining Social Processes with...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online