The paper introduces a new simulation model of market dynamics by integrating several concepts of evolutionary economics. In the course of market evolution various changes take place of which the emergence of consumers' preferences and of the knowledge that is needed to meet these preferences...

This paper discusses how the results of simulation models can be made more reliable and the method of simulating therefore more widely applicable. We suggested to calibrate simulation models empirically and developed a methodology based on Critical Realism in order to so. We suggested combining...