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The Allocation of Complexity in Economic Systems

The Allocation of Complexity in Economic Systems

Jason Potts, Kate Morrison, Joseph Clark
Copyright: © 2008 |Pages: 20
ISBN13: 9781599047171|ISBN10: 1599047179|ISBN13 Softcover: 9781616926908|EISBN13: 9781599047195
DOI: 10.4018/978-1-59904-717-1.ch011
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MLA

Potts, Jason, et al. "The Allocation of Complexity in Economic Systems." Intelligent Complex Adaptive Systems, edited by Ang Yang and Yin Shan, IGI Global, 2008, pp. 331-350. https://doi.org/10.4018/978-1-59904-717-1.ch011

APA

Potts, J., Morrison, K., & Clark, J. (2008). The Allocation of Complexity in Economic Systems. In A. Yang & Y. Shan (Eds.), Intelligent Complex Adaptive Systems (pp. 331-350). IGI Global. https://doi.org/10.4018/978-1-59904-717-1.ch011

Chicago

Potts, Jason, Kate Morrison, and Joseph Clark. "The Allocation of Complexity in Economic Systems." In Intelligent Complex Adaptive Systems, edited by Ang Yang and Yin Shan, 331-350. Hershey, PA: IGI Global, 2008. https://doi.org/10.4018/978-1-59904-717-1.ch011

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Abstract

This chapter isolates a classic allocation problem in the substitution relation between two primary carriers of complex rules—agents and institutions—as a function of the relative costs of embedding rules in these carriers, all subject to the constraint of maintaining overall system complexity. We call this generic model the allocation of complexity, which we propose as a bridge between neoclassical and complexity economics.

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