2020/04 | LEM Working Paper Series | ||||||||||||||||
From particles to firms: a kinetic model of climbing up evolutionary landscapes |
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Nicola Bellomo, Giovanni Dosi, Damian A. Knopoff and Maria Enrica Virgillito |
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Keywords | |||||||||||||||||
Evolutionary dynamics; idiosyncratic learning; market selection; active particles; kinetic theory.
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JEL Classifications | |||||||||||||||||
O, D21, C63
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Abstract | |||||||||||||||||
This paper represents the first attempt to bridge the evolutionary
theory in economics and the theory of active particles in mathematics.
It seeks to present a kinetic model for an evolutionary formalization of
socio-economic systems. The derived new mathematical formulation
intends to formalize the processes of learning and selection as the two
fundamental drivers of evolutionary systems [7]. To coherently represent
the aforementioned properties, the kinetic theory of active particles
[1] is here further developed, including the complex interaction
of two hierarchical functional subsystems. Modeling and simulations
enlighten the predictive ability of the approach. Finally, we outline the
potential avenues for future research.
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