An Agent-Based Model of Institutional Life-Cycles
We use an agent-based model to investigate the interdependent dynamics between individual agency and emergent socioeconomic structure, leading to institutional change in a generic way. Our model simulates the emergence and exit of institutional units, understood as generic governed social structure...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2014-08-01
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| Series: | Games |
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| Online Access: | http://www.mdpi.com/2073-4336/5/3/160 |
| _version_ | 1819094180178165760 |
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| author | Manuel Wäckerle Bernhard Rengs Wolfgang Radax |
| author_facet | Manuel Wäckerle Bernhard Rengs Wolfgang Radax |
| author_sort | Manuel Wäckerle |
| collection | DOAJ |
| description | We use an agent-based model to investigate the interdependent dynamics between individual agency and emergent socioeconomic structure, leading to institutional change in a generic way. Our model simulates the emergence and exit of institutional units, understood as generic governed social structures. We show how endogenized trust and exogenously given leader authority influences institutional change, i.e., diversity in institutional life-cycles. It turns out that these governed institutions (de)structure in cyclical patterns dependent on the overall evolution of trust in the artificial society, while at the same time, influencing this evolution by supporting social learning. Simulation results indicate three scenarios of institutional life-cycles. Institutions may, (1) build up very fast and freeze the artificial society in a stable but fearful pattern (ordered system); (2) exist only for a short time, leading to a very trusty society (highly fluctuating system); and (3) structure in cyclical patterns over time and support social learning due to cumulative causation of societal trust (complex system). |
| first_indexed | 2024-12-21T23:23:18Z |
| format | Article |
| id | doaj.art-a819a3e5988245da8f41447bfa302d46 |
| institution | Directory Open Access Journal |
| issn | 2073-4336 |
| language | English |
| last_indexed | 2024-12-21T23:23:18Z |
| publishDate | 2014-08-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Games |
| spelling | doaj.art-a819a3e5988245da8f41447bfa302d462022-12-21T18:46:45ZengMDPI AGGames2073-43362014-08-015316018710.3390/g5030160g5030160An Agent-Based Model of Institutional Life-CyclesManuel Wäckerle0Bernhard Rengs1Wolfgang Radax2Institute for Ecological Economics, Department Socioeconomics, Vienna University of Economics and Business, Welthandelsplatz 1/D4/2nd Floor/D4.2.232, 1020 Wien, AustriaInstitute of Mathematical Methods in Economics, Research Group Economics, Vienna University of Technology, Argentinierstraße 8/4/105-3, 1040 Wien, AustriaInstitute of Mathematical Methods in Economics, Research Group Economics, Vienna University of Technology, Argentinierstraße 8/4/105-3, 1040 Wien, AustriaWe use an agent-based model to investigate the interdependent dynamics between individual agency and emergent socioeconomic structure, leading to institutional change in a generic way. Our model simulates the emergence and exit of institutional units, understood as generic governed social structures. We show how endogenized trust and exogenously given leader authority influences institutional change, i.e., diversity in institutional life-cycles. It turns out that these governed institutions (de)structure in cyclical patterns dependent on the overall evolution of trust in the artificial society, while at the same time, influencing this evolution by supporting social learning. Simulation results indicate three scenarios of institutional life-cycles. Institutions may, (1) build up very fast and freeze the artificial society in a stable but fearful pattern (ordered system); (2) exist only for a short time, leading to a very trusty society (highly fluctuating system); and (3) structure in cyclical patterns over time and support social learning due to cumulative causation of societal trust (complex system).http://www.mdpi.com/2073-4336/5/3/160institutional economicsinstitutional life-cyclesagency-structure dynamicsiterated prisoners dilemmaagent-based modelingapplied game theoryevolutionary political economycomplexity |
| spellingShingle | Manuel Wäckerle Bernhard Rengs Wolfgang Radax An Agent-Based Model of Institutional Life-Cycles Games institutional economics institutional life-cycles agency-structure dynamics iterated prisoners dilemma agent-based modeling applied game theory evolutionary political economy complexity |
| title | An Agent-Based Model of Institutional Life-Cycles |
| title_full | An Agent-Based Model of Institutional Life-Cycles |
| title_fullStr | An Agent-Based Model of Institutional Life-Cycles |
| title_full_unstemmed | An Agent-Based Model of Institutional Life-Cycles |
| title_short | An Agent-Based Model of Institutional Life-Cycles |
| title_sort | agent based model of institutional life cycles |
| topic | institutional economics institutional life-cycles agency-structure dynamics iterated prisoners dilemma agent-based modeling applied game theory evolutionary political economy complexity |
| url | http://www.mdpi.com/2073-4336/5/3/160 |
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