Rohringer, M. (2015). Innovation - the emergence of novelty [Diploma Thesis, Technische Universität Wien]. reposiTUm. https://doi.org/10.34726/hss.2015.24477
E105 - Institut für Stochastik und Wirtschaftsmathematik
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Date (published):
2015
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Number of Pages:
106
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Keywords:
Evolutionäre Ökonomik; Entstehung von Neuem; Innovation; Agentenbasierte Simulation
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Evolutionary Economics; Emergence of Novelty; Innovation; Agent-based Simulation
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Abstract:
The rather unexpected emergence of the still ongoing economic crisis has shown that not only the economic system itself has its flaws, but also that the equilibria-based models to describe it are insufficient. Evolutionary economics is an alternative approach that allows (economic) evolution and revolution in the development of its models and is therefore believed to describe the real world much more appropriate. However, there are still a lot of open questions on how to model the emergence of novelty - new elements that lead to progress - in such frameworks. Innovation is an undeniable force regarding economic growth, but it is obviously impossible to predict which concrete innovations will be implemented in the future. What can be done though is to create a general mechanism within the model that is able to generate new abstract elements which then again influence the model itself. One possible way of doing this, as it is often the case in real world innovations, is using old elements and recombine them to create new ones. The agent-based model that will be implemented with this work will use this approach to demonstrate how it can be utilized to define how producers choose their new products, how they recombine production processes and how they can test their products on the market.
