Abstract
We investigate the dynamics of economic evolution and technological change as hillclimbing in an adaptive landscape over a continuous characteristics space. A technology/ rm is described by a large number of attributes or characteristics representing technology-inherent aspects, nancial, organizational and economic features. These parameters span a characteristics space, which is a real Euclidean vector space, in analogy to the phenotype space in biology. Further we dene a real-valued multimodal tness function/functional and a population density over the characteristics space. The evolutionary dynamics including competition and mutations/innovations is modeled by reaction-diusion equations of Fisher{Eigen or Lotka{Volterra type. We demonstrate the potential of such models, which in certain aspects go beyond the widespread applications of discrete replicator dynamics. Concerning technological change the emergence of technological populations as the result of a search process in an adaptive landscape will be investigated. In particular, the relation between incremental and radical innovations will be considered, especially the apparent paradox of a discrete continuum of technological change. Further, an application of the developed framework to the assessment of rms in the stock market is discussed.
| Original language | English |
|---|---|
| Title of host publication | Agents, Networks, Evolution |
| Subtitle of host publication | A Quarter Century Of Advances In Complex Systems |
| Publisher | World Scientific |
| Pages | 492-509 |
| Number of pages | 18 |
| ISBN (Electronic) | 9789811267826 |
| ISBN (Print) | 9789811267819 |
| DOIs | |
| Publication status | Published - 29 Sept 2022 |
Keywords
- Adaptive tness landscape
- Characteristics space
- Continuous evolutionary model
- Evolutionary economics
- Technological populations