SELECTION MECHANISMS IN ECONOMICS

Building an explicit modelling framework for the dynamics generated by adaptive behavior of decision makers in a decentralized system is one of the main goals of recent theoretical research in economics. We pro pose to model adaptive dynamics in terms of a certain selection mechan ism characterized by different degrees of individual inertia to enviro nmental changes. Some methodological points, with special reference to the main points of departure from biologically motivated selection me chanisms, are discussed.