Was Hayek an Ace?
To address the question whether Hayek might have been an agent-based computational economist (ACE) avant-la-lettre, I consider an ACE model concerning the phenomenon of information contagion. Alongside increasing returns, network externalities, and information cascades, information contagion has bee...
| Published in: | Southern Economic Journal Vol. 68; no. 4; pp. 811 - 841 |
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| Format: | Article |
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Southern Economic Association
April 2002
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| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510205931&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510205931 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: April 2002 vid: 68 iid: 4 pid: 1482 pub: Southern Economic Association artinfo: ui: 510205931 10.2307/1061494 ppf: 811 ppct: 30 formats: fmt: @attributes: type: T tig: atl: Was Hayek an Ace? aug: au: Vriend, Ncolaas J. su: Hayek, Friedrich A. von (Friedrich August), 1899-1992 Information theory in economics Econometric models Economics Game theory sug: subj: Information theory in economics Econometric models Economics Game theory Hayek, Friedrich A. von (Friedrich August), 1899-1992 ab: To address the question whether Hayek might have been an agent-based computational economist (ACE) avant-la-lettre, I consider an ACE model concerning the phenomenon of information contagion. Alongside increasing returns, network externalities, and information cascades, information contagion has been presented in the literature as an explanation for particular patterns of macrobehavior that may seem at odds with the underlying micromotives. Whereas these other explanations have been shown to have a proper microfoundation, information contagion has remained a phenomenon that seemed to occur only when certain ad hoc rules of thumb for individual behavior are assumed. I show how information-contagious behavior can emerge in a coevolutionary process of interacting adaptive agents, how this is related to various Hayekian themes, and how ACE research in general can be seen as an application of Hayek's methodological insights. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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