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Nonlinearity Bounded Rationality And Heterogeneity
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Book Synopsis Nonlinearity, Bounded Rationality, and Heterogeneity by : Tamotsu Onozaki
Download or read book Nonlinearity, Bounded Rationality, and Heterogeneity written by Tamotsu Onozaki and published by Springer. This book was released on 2018-01-28 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.
Book Synopsis Bounded rationality and heterogeneity in economic dynamic models by : Pietro Dino Enrico Dindo
Download or read book Bounded rationality and heterogeneity in economic dynamic models written by Pietro Dino Enrico Dindo and published by Rozenberg Publishers. This book was released on 2007 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by : Cars Hommes
Download or read book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems written by Cars Hommes and published by Cambridge University Press. This book was released on 2013-01-24 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.
Book Synopsis Nonlinear Dynamics and Heterogeneous Interacting Agents by : Thomas Lux
Download or read book Nonlinear Dynamics and Heterogeneous Interacting Agents written by Thomas Lux and published by Springer Science & Business Media. This book was released on 2006-06-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on "complexity in action" exemplifying the scope and explanatory power of these innovative approaches.
Book Synopsis Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by : Cars Hommes
Download or read book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems written by Cars Hommes and published by Cambridge University Press. This book was released on 2013-01-24 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments. The complexity modeling paradigm has been strongly advocated since the late 1980s by some economists and by multidisciplinary scientists from various fields, such as physics, computer science and biology. More recently the complexity view has also drawn the attention of policy makers, who are faced with complex phenomena, irregular fluctuations and sudden, unpredictable market transitions. The complexity tools - bifurcations, chaos, multiple equilibria - discussed in this book will help students, researchers and policy makers to build more realistic behavioral models with heterogeneous expectations to describe financial market movements and macro-economic fluctuations, in order to better manage crises in a complex global economy.
Book Synopsis Nonlinear Dynamics in Economics, Finance and the Social Sciences by : Gian Italo Bischi
Download or read book Nonlinear Dynamics in Economics, Finance and the Social Sciences written by Gian Italo Bischi and published by Springer Science & Business Media. This book was released on 2009-12-15 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two decades there has been a great deal of research into nonlinear dynamic models in economics, finance and the social sciences. This book contains twenty papers that range over very recent applications in these areas. Topics covered include structural change and economic growth, disequilibrium dynamics and economic policy as well as models with boundedly rational agents. The book illustrates some of the most recent research tools in this area and will be of interest to economists working in economic dynamics and to mathematicians interested in seeing ideas from nonlinear dynamics and complexity theory applied to the economic sciences.
Book Synopsis Socialist Economic Development in the 21st Century by : Alberto Gabriele
Download or read book Socialist Economic Development in the 21st Century written by Alberto Gabriele and published by Routledge. This book was released on 2022-03-03 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over a hundred years after the first socialist revolution broke the global monopoly of capitalism, a new class of socialist-oriented socioeconomic development is coming to the fore. Capitalism is still dominant worldwide, although its hegemony is no longer undisputed, and humankind is now faced with a key existential challenge. This book proposes an alternative path to overcoming the worldwide crisis of globalized capitalism. It offers a novel, balanced and historically rooted interpretation of the successes and failures of socialist economic construction throughout the last century. The authors apply a multidisciplinary, holistic and purpose-based methodology to draw basic lessons from stylized facts, emerging in different areas of knowledge, ranging from political economy to biology, and from key national socioeconomic experiences, with a particular focus on China. The book is divided into three parts. The first is mainly theoretical and general in nature, identifying the major contributions bequeathed by the hard sciences to their social counterparts. Consistent with these findings, the authors offer a stylized interpretation of the contemporary state-of-the-art of the debate on the core concepts of economic science and advance a few elementary theories about what socialism in the 21st century could look like. The second and third parts analyze and discusses the core features of a few select experiences, which have evolved in certain countries since 1917, some of which are still unfolding. The book will find an audience among academics, researchers and students in the fields of economics, political science, history, and geography, as well as, policy makers, particularly in developing countries.
Book Synopsis Encyclopedia of Nonlinear Science by : Alwyn Scott
Download or read book Encyclopedia of Nonlinear Science written by Alwyn Scott and published by Routledge. This book was released on 2006-05-17 with total page 2881 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 438 alphabetically-arranged essays, this work provides a useful overview of the core mathematical background for nonlinear science, as well as its applications to key problems in ecology and biological systems, chemical reaction-diffusion problems, geophysics, economics, electrical and mechanical oscillations in engineering systems, lasers and nonlinear optics, fluid mechanics and turbulence, and condensed matter physics, among others.
Book Synopsis Rationality, Bounded Rationality and Microfoundations by : R. Salehnejad
Download or read book Rationality, Bounded Rationality and Microfoundations written by R. Salehnejad and published by Springer. This book was released on 2006-11-28 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the generally accepted theories of classical economics, explaining why the expected utility theory, even if it were true, fails to be of much help in solving economic controversies.
Book Synopsis The Socioeconomics of Economics by : Arne Heise
Download or read book The Socioeconomics of Economics written by Arne Heise and published by LIT Verlag Münster. This book was released on 2020-03 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic discipline has always been an object of investigation. But unlike in former times, when methodological and epistemological developments had been the object of historians of economic thought, recently the focus of inquiry shifted towards the constitution, organisation and performativity of the economic discipline. It is the intention of the book to contribute to a better understanding of the working and failures of the `market for economic ideas'.
Book Synopsis Nonlinear Dynamical Systems in Economics by : Marji Lines
Download or read book Nonlinear Dynamical Systems in Economics written by Marji Lines and published by Springer Science & Business Media. This book was released on 2007-03-23 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many problems in theoretical economics are mathematically formalized as dynam ical systems of difference and differential equations. In recent years a truly open approach to studying the dynamical behavior of these models has begun to make its way into the mainstream. That is, economists formulate their hypotheses and study the dynamics of the resulting models rather than formulating the dynamics and studying hypotheses that could lead to models with such dynamics. This is a great progress over using linear models, or using nonlinear models with a linear approach, or even squeezing economic models into well-studied nonlinear systems from other fields. There are today a number of economic journals open to publishing this type of work and some of these have become important. There are several societies which have annual meetings on the subject and participation at these has been growing at a good rate. And of course there are methods and techniques avail able to a more general audience, as well as a greater availability of software for numerical and graphical analysis that makes this type of research even more excit ing. The lecturers for the Advanced School on Nonlinear Dynamical Systems in Economics, who represent a wide selection of the research areas to which the the ory has been applied, agree on the importance of simulations and computer-based analysis. The School emphasized computer applications of models and methods, and all contributors ran computer lab sessions.
Book Synopsis Nonlinear Economic Dynamics and Financial Modelling by : Roberto Dieci
Download or read book Nonlinear Economic Dynamics and Financial Modelling written by Roberto Dieci and published by Springer. This book was released on 2014-07-26 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reflects the state of the art on nonlinear economic dynamics, financial market modelling and quantitative finance. It contains eighteen papers with topics ranging from disequilibrium macroeconomics, monetary dynamics, monopoly, financial market and limit order market models with boundedly rational heterogeneous agents to estimation, time series modelling and empirical analysis and from risk management of interest-rate products, futures price volatility and American option pricing with stochastic volatility to evaluation of risk and derivatives of electricity market. The book illustrates some of the most recent research tools in these areas and will be of interest to economists working in economic dynamics and financial market modelling, to mathematicians who are interested in applying complexity theory to economics and finance and to market practitioners and researchers in quantitative finance interested in limit order, futures and electricity market modelling, derivative pricing and risk management.
Book Synopsis Optimization, Dynamics, and Economic Analysis by : Engelbert J. Dockner
Download or read book Optimization, Dynamics, and Economic Analysis written by Engelbert J. Dockner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes a collection of articles that present recent developments in the fields of optimization and dynamic game theory, economic dynamics, dynamic theory of the firm, and population dynamics and non standard applications of optimal control theory. The authors of the articles are well respected authorities in their fields and are known for their high quality research in the fields of optimization and economic dynamics.
Book Synopsis Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels by : Carl Chiarella
Download or read book Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels written by Carl Chiarella and published by Emerald Group Publishing. This book was released on 2006-05-30 with total page 563 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book represents an ongoing research agenda the aim of which is to contribute to the Keynesian paradigm in macroeconomics. It examines the Dynamic General Equilibrium (DGE) model, the assumption of intertemporal optimizing behavior of economic agents, competitive markets and price mediated market clearing through flexible wages and prices.
Book Synopsis Chaos and Complexity Theory for Management: Nonlinear Dynamics by : Banerjee, Santo
Download or read book Chaos and Complexity Theory for Management: Nonlinear Dynamics written by Banerjee, Santo and published by IGI Global. This book was released on 2012-11-30 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although chaos theory refers to the existence between seemingly random events, it has been gaining the attention of science, technology and managements fields. The shift from traditional procedures to the dynamics of chaos and complexity theory has resulted in a new element of complexity thinking, allowing for a greater capability for analyzing and understanding key business processes. Chaos and Complexity Theory for Management: Nonlinear Dynamics explores chaos and complexity theory and its relationship with the understanding of natural chaos in the business environment. Utilizing these theories aids in comprehending the development of businesses as a complex adaptive system.
Book Synopsis New Facets of Economic Complexity in Modern Financial Markets by : Catherine Kyrtsou
Download or read book New Facets of Economic Complexity in Modern Financial Markets written by Catherine Kyrtsou and published by Routledge. This book was released on 2020-06-04 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is motivated by the disruptions introduced by the financial crisis and the many attempts that have followed to propose new ideas and remedies. Assembling contributions by authors from a variety of backgrounds, this collection illustrates the potentials resulting from the marriage of financial economics, complexity theory and an out-of-equilibrium view of the economic world. Challenging the traditional hypotheses that lie behind financial market functioning, new evidence is provided about the hidden factors fuelling bubbles, the impact of agents’ heterogeneity, the importance of endogeneity in the information transmission mechanism, the dynamics of herding, the sources of volatility, the portfolio optimization techniques, the financial innovation and the trend identification in a nonlinear time-series framework. Presenting the advances made in financial market analysis, and putting emphasis on nonlinear dynamics, this book suggests interdisciplinary methodologies for the study of well-known stylised facts and financial abnormalities. This book was originally published as a special issue of The European Journal of Finance.
Author :National Academies of Sciences and Engineering Publisher :National Academies Press ISBN 13 :9780309082938 Total Pages :142 pages Book Rating :4.0/5 (829 download)
Book Synopsis Adaptive Agents, Intelligence, and Emergent Human Organization by : National Academies of Sciences and Engineering
Download or read book Adaptive Agents, Intelligence, and Emergent Human Organization written by National Academies of Sciences and Engineering and published by National Academies Press. This book was released on 2002-01-01 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
