Microeconomics
Research

Research

The chair's research focus comprises topics in the theory of value, price and employment. On the one hand, the research centers on the analysis of market processes. On the other hand, the microeconomic foundations of the macroeconomics are studied. We hope to contribute to a deeper understanding of the "economic laws of motion in a modern society".

Publications

Scholarly articles

  • Heinrich, Torsten, Yoojin Jang, Luca Mungo, Marco Pangallo, Alex Scott, Bassel Tarbush, and Samuel Wiese (2023): Best-response dynamics, playing sequences, and convergence to equilibrium in random games, International Journal of Game Theory, DOI.
  • Wiese, Samuel, and Torsten Heinrich (2021): The Frequency of Convergent Games under Best-Response Dynamics, Dynamic Games and Applications, DOI.
  • Heinrich, Torsten, Jangho Yang, and Shuanping Dai (2021): Levels of structural change: An analysis of China’s development push 1998-2014, Journal of Evolutionary Economics, DOI.
  • Heinrich, Torsten, Juan Sabuco, and Doyne Farmer (2021): A simulation of the insurance industry: The problem of risk model homogeneity, Journal of Economic Interaction and Coordination, DOI.
  • Pangallo, Marco, Torsten Heinrich, and Doyne Farmer (2019): Best Reply Structure and Equilibrium Convergence in Generic Games, Science Advances, Vol. 5, No. 2, eaat1328. DOI.
  • Heinrich, Torsten and Claudius Gräbner (2019): Beyond Equilibrium: Revisiting Two-Sided Markets from an Agent-Based Modeling Perspective, International Journal for Computational Economics and Econometrics, DOI (Working paper version: MPRA Working Paper No. 76425.)
  • Heinrich, Torsten (2018): Network Externalities and Compatibility Among Standards: A Replicator Dynamics and Simulation Analysis, Computational Economics, Vol. 52, No. 3, 809 - 837. DOI.
  • Heinrich, Torsten (2018): The Rate of Change in Evolutionary Systems and Evolutionary Economic Modeling, Journal of Economic Issues, Vol. 52, No. 2, 570 - 579. DOI.
  • Heinrich, Torsten (2018): A Discontinuity Model of Technological Change: Catastrophe Theory and Network Structure, Computational Economics, Vol. 51, No. 3, 407 - 425. DOI.
  • Heinrich, Torsten (2017): The Narrow and Broad Approaches to Evolutionary Modeling in Economics, Journal of Economic Issues, Vol. 51, No. 2, 383 - 391. DOI. (See also the working paper version incl. appendix.)
  • Heinrich, Torsten (2016): Evolution-Based Approaches in Economics and Evolutionary Loss of Information, Journal of Economic Issues, Vol. 50, No. 2, 390 - 397. DOI.
  • Heinrich, Torsten and Shuanping Dai (2016): Diversity of Firm Sizes, Complexity, and Industry Structure in the Chinese Economy, Structural Change and Economic Dynamics, Vol. 37, 90-106. DOI.
  • Heinrich, Torsten, Benjamin Knopp, and Heinrich Päs (2016): Entropy, biological evolution and the psychological arrow of time, Journal of Modern Physics, Vol. 7. DOI.
  • Kyläheiko, Kalevi, Pasi Luukka, Ari Jantunen, and Torsten Heinrich (2016): How to win innovation races in high-tech industries? An evolutionary optimisation model, International Journal of Technology Intelligence and Planning, Vol. 11, No. 1, 62-91. DOI.
  • Heinrich, Torsten (2014): Commodity and resource ETF trading patterns during the financial crisis, Complexity. DOI.
  • Heinrich, Torsten (2014): Standard wars, tied standards, and network externality induced path dependence in the ICT sector, Technological Forecasting and Social Change, Vol. 81, 309-320. DOI.
  • Heinrich, Torsten and Henning Schwardt (2013): Institutional Inertia and Institutional Change in an Expanding Normal-Form Game, Games, Vol. 4, No. 3 , 398-425. DOI.
  • Elsner, Wolfram and Torsten Heinrich (2009): A simple theory of 'meso'. On the co-evolution of institutions and platform size - With an application to varieties of capitalism and `medium-sized' countries, Journal of Socio-Economics, Vol. 38, No. 5, 843-858. DOI.

Monographs

  • Elsner, Wolfram, Torsten Heinrich, and Henning Schwardt (2015): Microeconomics of Complex Economies: Evolutionary, Institutional, Neoclassical, and Complexity Perspectives, Amsterdam, Oxford, UK, San Diego, CA, USA, etc.: Academic Press.
  • Heinrich, Torsten (2013): Technological Change and Network Effects in Growth Regimes: Exploring the Microfoundations of Economic Growth, Oxon and New York, NY, USA: Routledge
  • Elsner, Wolfram, Torsten Heinrich, Henning Schwardt, and Matthias Greiff (2012): Microeconomics of Interactive Economies: Evolutionary, Institutional, and Complexity Perspectives, Cheltenham, UK and Northampton, MA, USA: Edward Elgar

Recent working papers

  • Heinrich, Torsten, Jangho Yang and Shuanping Dai (2020): Levels of structural change: An analysis of China's development push 1998-2014, OMPTEC Working Paper 2020-4
  • Yang, Jangho, Torsten Heinrich, Julian Winkler, François Lafond, Pantelis Koutroumpis and Doyne Farmer (2019): Measuring productivity dispersion: a parametric approach using the Lévy alpha-stable distribution, INET Working Paper 2019-14
  • Heinrich, Torsten, Juan Sabuco and Doyne Farmer (2019): A simulation of the insurance industry: The problem of risk model homogeneity, INET Working Paper 2019-12

Scholarly articles

Conference Presentations (selection)

  • CCS (Conference on Complex Systems), Palma de Mallorca, Spain (2022): "Exploration of phase transitions in an agent-based model of margin calls and fire sales in a scenario of declining growth rates"
  • EAEPE (European Association for Evolutionary Political Economy), Neaples, Italy (2022): "Exploration of phase transitions in an agent-based model of margin calls and fire sales in a scenario of declining growth rates"
  • ESEE (European Society for Ecological Economics), Pisa, Italy (2022): "Financial market dynamics under limits to growth -- Analysis via a heterogenous agent model"
  • EAEPE (European Association for Evolutionary Political Economy), online, 2021: "What are bubbles? A survey on definitions of asset price bubbles."
  • ISSS (International Society for the Systems Sciences), Hull, UK, 2011: "How can the Educational System Enhance the Capability of System Thinking?"

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