Computational Agents, Design and Innovative Behaviour: Hetero Oeconomicus

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Far too long economic stories treat of perfectly informed as well as fully rational optimization within a purely materialistic world. No wonder there is a lack of evidence and explanations consistent with regard to the subject of interest: human decision makers and entrepreneurs revolutionizing the decision space. Strands like game theory and institutional economics partly already take a more practical view. Evolutionary and behavioural economics finally establish the necessary link to other disciplines like psychology and informational science. This paper recaps selected parts of the literature in favour of a conceptional view on computational agents. The latter, first, invites economic modellers to question and argue the microfoundation of their assumptions with regard to the individual or aggregate level of human behaviour they truly refer to. Secondly, the design serves to illustrate the potential as well as the limitations computational agents exhibit with regard to the incorporation of creativity as the main source for innovative behaviour. Thirdly, the rather superficial collection of ideas serves as position paper for future approaches.

Posted for comments on 6 Dec 2017, 9:48 am.

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