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This text was written as part of the project Modelling of Complex Systems for Public Policy. It reviews the classical …
Persistent link: https://www.econbiz.de/10011119976
The emergence of novelty is a driving agent for economic change. New technologies, new products and services, new institutional arrangements, to mention a few examples, are the backbone of development and growth. Important though it is, the emergence of novelty is not well understood. What seems...
Persistent link: https://www.econbiz.de/10005765342
In this paper a notion of descent direction for a vector function defined on a box is introduced. This concept is based on an appropriate convex combination of the “projected” gradients of the components of the objective functions. The proposed approach does not involve an “apriori”...
Persistent link: https://www.econbiz.de/10005827375
The Manfredonia City Marine is the third in Italy both for its size and for its nation-wide importance, in the last decade a considerable crisis has been registered in this economic sector as shown by the always decreas-ing number of fishing boats registered in the Harbour-Office. As a result of...
Persistent link: https://www.econbiz.de/10008455822
We analyze the problem of an integrated management of fisheries by using fish farming as a tool for restocking fish populations depleted by overfishing pressure. We first use a simple heuristic dynamic model, taken from a classical example of mathematical bioeconomics, in order to prove that...
Persistent link: https://www.econbiz.de/10008546951
Persistent link: https://www.econbiz.de/10005598340
In this paper we study a generalization of the dynamic Leontief input-output model. We extend the standard dynamic Leontief model with the balance equation of non-renewable resources. Obviously, the non-renewable stocks will decrease, exploiting primary resources. In this study we examine the...
Persistent link: https://www.econbiz.de/10005484946
We demonstrate that achieving sensible convergence of prices to equilibrium is facilitated by market maker risk. \\ We introduce several criteria for price formation rules, and provide an example that satisfies all of them. The risk aversion of the market maker inevitably leads to price...
Persistent link: https://www.econbiz.de/10005537750
The dynamic properties of macroeconomic models are typically characterised by having a combination of stable and unstable eigenvalues. In a seminal paper, Blanchard and Kahn showed that, for linear models, in order to ensure a unique solution, the number of discontinuous or “jump” variables...
Persistent link: https://www.econbiz.de/10005458640
We introduce a class of dynamical systems called Higher Order Cellular Automata (HOCA). These are based on ordinary CA, but have a hierarchical, or multi-level, structure and/or dynamics. We present a detailed formalism for HOCA and illustrate the concepts through four examples. Throughout the...
Persistent link: https://www.econbiz.de/10004977717