Articles & Books
CERRE Studies and Policy Papers
IEFE Working Paper n. 104
by Miguel Vazquez
The primary objective of this paper is to
study the role of institutions evolution assuming that economies are generally
out of equilibrium. The focus is developing a logical framework that allows
describing economies as complex adaptive systems. This will allow deducing
the uncertainty inherent to the economy as a consequence of system
characteristics (instead of assuming it as hypothesis). Thus, it will be
possible to characterize adaptation from fundamental properties of the system.
As institutions are mechanisms to facilitate adaptation, the paper will provide
a fundamental description of the functioning and logic for institutions within complex
Key words: Complex
adaptive systems; Institutional dynamics; Algorithmic rationality; Uncertainty.
D8, D02, O3, B5.
Last updated 29 March 2018 - 15:25:24
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