Action Plans and Socio-Economic Evolutionary Change

An important challenge to evolutionary economics consists of how to tackle with the dramatic tension between purposeful human action and the ‘blindness’ of evolutionary processes. On the one hand, economic action, if rational, has to be planned (which implies purposeful ordering of the means used to achieve objectives). On the other hand, an evolutionary process involves both the emergence of novelties (both intended innovations and unintended consequences of actions) and properties that manifest at meso and macro levels. Some recent papers have insisted on these issues. However, few analytical tools are yet available to cope with both, the analysis of intended dynamic action and ‘blind’ evolution. In this paper we propose the so-called ‘action plan approach’, a theoretical framework which could be useful for this task. The development of tools that permit us to analyze how individuals construct their plans, the projective (conjectural) and interactive nature of action, and the learning processes involved in ‘planning and acting’, may help us identifying and understanding new sources of complexity of economic processes. The close relationship of the ‘action plan approach’ with other systemic conceptual approaches is also highlighted.connections, action plans; novelty; intentionality; evolutionary economic process

Virtuous and Adverse Selection within Economic Organizations

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Smoking Today and Stopping Tomorrow: A Limited Foresight Perspective

This paper considers an intertemporal decision problem in which the agent has limited foresight. It offers an interpretation of why people may smoke when they are young - and arguably have a short horizon of foresight – and refrain from smoking when they get older - and their foresight is better.

Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism

The paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann’s idiosyncratic (read: eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position to economics that anticipated developments in contemporary new institutional economics. (2) Lachmann’s sociological and economic reading of institutions offers insights for the problem of coordination. (3) Lachmann extends contemporary new institutional theory without simultaneously denying the policy approach of comparative institutional analysis

Decision-Making: A Neuroeconomic Perspective

This article introduces and discusses from a philosophical point of view the nascent field of neuroeconomics, which is the study of neural mechanisms involved in decision-making and their economic significance. Following a survey of the ways in which decision-making is usually construed in philosophy, economics and psychology, I review many important findings in neuroeconomics to show that they suggest a revised picture of decision-making and ourselves as choosing agents. Finally, I outline a neuroeconomic account of irrationality

Agents intentionality, capabilities and the performance of Systems of Innovation

We are interested on why and how an economic system evolves and, in particular, on the causes of the differences across systems of innovation (SI). SI’s performance differs substantially because there are specific causes at work, apart from the differences in the underlying technologies, institutions, etc. In particular, we refer to the intentionality of the agents interacting within a system for innovation to find out the relationship between agents’ goals, SI’s performance and its policy implications. The underlying thesis in this paper is that agent intentionality is a necessary condition for a substantive explanation of the dynamism of any socio-economic system. The paper departs from an abstract definition of a system as a set of constitutive elements and the connections among them serving a common purpose. And explores how intentionality shapes the structure, evolution and performance of an SI. In this context an evolutionary efficiency criterion is proposed.systems of innovation; intentionality; evolving capabilities; evolutionary efficiency.

A multi-agent system with application in project scheduling

The new economic and social dynamics increase project complexity and makes scheduling problems more difficult, therefore scheduling requires more versatile solutions as Multi Agent Systems (MAS). In this paper the authors analyze the implementation of a Multi-Agent System (MAS) considering two scheduling problems: TCPSP (Time-Constrained Project Scheduling), and RCPSP (Resource-Constrained Project Scheduling). The authors propose an improved BDI (Beliefs, Desires, and Intentions) model and present the first the MAS implementation results in JADE platform.multi-agent architecture, scheduling, project management, BDI architecture, JADE.

Theory of deferred action: Agent-based simulation model for designing complex adaptive systems

Deferred action is the axiom that agents act in emergent organisation to achieve predetermined goals. Enabling deferred action in designed artificial complex adaptive systems like business organisations and IS is problematical. Emergence is an intractable problem for designers because it cannot be predicted. We develop proof-of-concept, conceptual proto-agent model, of emergent organisation and emergent IS to understand better design principles to enable deferred action as a mechanism for coping with emergence in artefacts. We focus on understanding the effect of emergence when designing artificial complex adaptive systems by developing an exploratory proto-agent model and evaluate its suitability for implementation as agent-based simulation