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The task of designing effective economic and political institutions requires substantial foresight. The designer must anticipate not only the behavior of individual actors, but also how that behavior will aggregate. Rising complexity brought about by increases in speeds of adaptation, diversity,...
Persistent link: https://www.econbiz.de/10009654033
In this chapter, we assess recent contributions of computational models to the study of politics. We focus primarily on agent-based models developed by economists and political scientists. These models address collective action problems, questions related to institutional design and performance,...
Persistent link: https://www.econbiz.de/10014024376
In this article I clarify the often muddled distinctions between uncertainty, difficulty, and complexity and show that all three can enhance our understanding of institutional performance and design. To cope with uncertainty, institutions align incentives for information revelation; to handle...
Persistent link: https://www.econbiz.de/10010777943