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The Allocation of Complexity in Economic Systems
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Author(s): Jason Potts (University of Queensland, Australia), Kate Morrison (Volterra Pacific Pty. Ltd., Australia)and Joseph Clark (University of Queensland, Australia)
Copyright: 2008
Pages: 20
Source title:
Intelligent Complex Adaptive Systems
Source Author(s)/Editor(s): Ang Yang (University of New South Wales, Australia)and Yin Shan (University of New South Wales, Australia)
DOI: 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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