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Genetic Algorithms and Public Economics

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  • Arthur C. Brooks

Abstract

To address common limitations of traditional economic models while maintaining a convenient mathematical framework, some economists have begun to employ genetic algorithms (GAs). GA optimization occurs in a way that may resemble the dynamics of actual decision making. It also alleviates any need for a closed form to the policy problem and can ‘decide’ between alternative optima. This paper provides a tutorial on the use of GAs in economics and constructs an example application in the area of tax policy formation. It also critically surveys the landscape of current uses, focusing on both the advantages and disadvantages of GAs in public economics contexts.

Suggested Citation

  • Arthur C. Brooks, 2000. "Genetic Algorithms and Public Economics," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 2(4), pages 493-513, October.
    • Handle: RePEc:bla:jpbect:v:2:y:2000:i:4:p:493-513
    DOI: 10.1111/1097-3923.00048
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    Cited by:

    1. Morini, Matteo & Pellegrino, Simone, 2018. "Personal income tax reforms: A genetic algorithm approach," European Journal of Operational Research, Elsevier, vol. 264(3), pages 994-1004.

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