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Adaptive Economic Models
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Book Synopsis Learning Classifier Systems by : Pier L. Lanzi
Download or read book Learning Classifier Systems written by Pier L. Lanzi and published by Springer. This book was released on 2003-06-26 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learning Classifier Systems (LCS) are a machine learning paradigm introduced by John Holland in 1976. They are rule-based systems in which learning is viewed as a process of ongoing adaptation to a partially unknown environment through genetic algorithms and temporal difference learning. This book provides a unique survey of the current state of the art of LCS and highlights some of the most promising research directions. The first part presents various views of leading people on what learning classifier systems are. The second part is devoted to advanced topics of current interest, including alternative representations, methods for evaluating rule utility, and extensions to existing classifier system models. The final part is dedicated to promising applications in areas like data mining, medical data analysis, economic trading agents, aircraft maneuvering, and autonomous robotics. An appendix comprising 467 entries provides a comprehensive LCS bibliography.
Book Synopsis Adaptive Economic Models by : Richard H. Day
Download or read book Adaptive Economic Models written by Richard H. Day and published by Academic Press. This book was released on 2014-05-10 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adaptive Economic Models provides information pertinent to the adaptive processes in economics. This book discusses the developments on research in the field of adaptive economics. Organized into 23 chapters, this book begins with an overview of the study of economic processes using concepts of adaptation. This text then explains how concepts arising from biology can be formulated in such a way that they can be a source of insight into man's social systems. Other chapters present a general view of the adaptation of the firm to its environment and discuss how a firm with a definite commodity in mind can decide whether to enter a given established market. This book discusses as well the simple duopoly problem in which firms are in error in the sense that they specify an incomplete model and add a random error term. The final chapter deals with the set of models and problems for the development of a theory of money and financial institutions. This book is a valuable resource for economic theorists and economists.
Book Synopsis The Theory of Money and Financial Institutions by : Martin Shubik
Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Download or read book Adaptive Markets written by Andrew W. Lo and published by Princeton University Press. This book was released on 2019-05-14 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
Book Synopsis Adaptive Processes in Economic Systems by Roy E Murphy by : Roy E. Murphy
Download or read book Adaptive Processes in Economic Systems by Roy E Murphy written by Roy E. Murphy and published by Elsevier. This book was released on 2000-04-01 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, we study theoretical and practical aspects of computing methods for mathematical modelling of nonlinear systems. A number of computing techniques are considered, such as methods of operator approximation with any given accuracy; operator interpolation techniques including a non-Lagrange interpolation; methods of system representation subject to constraints associated with concepts of causality, memory and stationarity; methods of system representation with an accuracy that is the best within a given class of models; methods of covariance matrix estimation;methods for low-rank matrix approximations; hybrid methods based on a combination of iterative procedures and best operator approximation; andmethods for information compression and filtering under condition that a filter model should satisfy restrictions associated with causality and different types of memory.As a result, the book represents a blend of new methods in general computational analysis,and specific, but also generic, techniques for study of systems theory ant its particularbranches, such as optimal filtering and information compression. - Best operator approximation,- Non-Lagrange interpolation,- Generic Karhunen-Loeve transform- Generalised low-rank matrix approximation- Optimal data compression- Optimal nonlinear filtering
Book Synopsis Simple Adaptive Strategies: From Regret-matching To Uncoupled Dynamics by : Sergiu Hart
Download or read book Simple Adaptive Strategies: From Regret-matching To Uncoupled Dynamics written by Sergiu Hart and published by World Scientific. This book was released on 2013-01-22 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume collects almost two decades of joint work of Sergiu Hart and Andreu Mas-Colell on game dynamics and equilibria. The starting point was the introduction of the adaptive strategy called regret-matching, which on the one hand is simple and natural, and on the other is shown to lead to correlated equilibria. This initial finding — boundedly rational behavior that yields fully rational outcomes in the long run — generated a large body of work on the dynamics of simple adaptive strategies. In particular, a natural condition on dynamics was identified: uncoupledness, whereby decision-makers do not know each other's payoffs and utilities (so, while chosen actions may be observable, the motivations are not). This condition turns out to severely limit the equilibria that can be reached. Interestingly, there are connections to the behavioral and neurobiological sciences and also to computer science and engineering (e.g., via notions of “regret”).Simple Adaptive Strategies is self-contained and unified in its presentation. Together with the formal treatment of concepts, theorems, and proofs, significant space is devoted to informal explanations and illuminating examples. It may be used for advanced graduate courses — in game theory, economics, mathematics, computer science, engineering — and for further research.
Download or read book Economic Models written by Dipak R. Basu and published by World Scientific. This book was released on 2009 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Model Building is the most fruitful area of economics, designed to solve real-world problems using all available methods such as mathematical, computational and analytical, without distinction. Wherever necessary, we should not be reluctant to develop new techniques, whether mathematical or computational. That is the philosophy of this volume. The volume is divided into three distinct parts: Methods, Theory and Applications. The Methods section is in turn subdivided into Mathematical Programming and Econometrics and Adaptive Control System, which are widely used in econometric analysis. The impacts of fiscal policy in a regime with independent monetary authority and dynamic models of environmental taxation are considered. In the section on "Modelling Business Organization," a model of a Japanese organization is presented. Furthermore, a model suitable for an efficient budget management of a health service unit by applying goal programming method is analyzed, taking into account various socio-economic factors. This is followed by a section on "Modelling National Economies," in which macroeconometric models for the EU member countries are analyzed, to find instruments that stabilize inflation with coordinated action.
Book Synopsis Economic Evolution, Learning, and Complexity by : Uwe Cantner
Download or read book Economic Evolution, Learning, and Complexity written by Uwe Cantner and published by Springer Science & Business Media. This book was released on 2000 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses central issues in evolutionary and Schumpeterian accounts of industrial competition, learning, and innovation. It contains a collection of twelve papers which are oriented toward exploring methodological issues in evolutionary and related scholarship. Reflecting the diversity of work in evolutionary scholarship, a range of methodologies are employed in the papers, including simulation, experiments, and econometric analysis. Some of the papers use well established models to takle new questions and problems. Others introduce entirely new approaches, which the authors indicate are still in a state of infancy and await further development. The collection attempts to raise even more interest in evolutionary economics, to provide some suggestions for future research directions, and to initiate a lively discussion of the issues raised.
Book Synopsis Adaptation in Natural and Artificial Systems by : John H. Holland
Download or read book Adaptation in Natural and Artificial Systems written by John H. Holland and published by MIT Press. This book was released on 1992-04-29 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Genetic algorithms are playing an increasingly important role in studies of complex adaptive systems, ranging from adaptive agents in economic theory to the use of machine learning techniques in the design of complex devices such as aircraft turbines and integrated circuits. Adaptation in Natural and Artificial Systems is the book that initiated this field of study, presenting the theoretical foundations and exploring applications. In its most familiar form, adaptation is a biological process, whereby organisms evolve by rearranging genetic material to survive in environments confronting them. In this now classic work, Holland presents a mathematical model that allows for the nonlinearity of such complex interactions. He demonstrates the model's universality by applying it to economics, physiological psychology, game theory, and artificial intelligence and then outlines the way in which this approach modifies the traditional views of mathematical genetics. Initially applying his concepts to simply defined artificial systems with limited numbers of parameters, Holland goes on to explore their use in the study of a wide range of complex, naturally occuring processes, concentrating on systems having multiple factors that interact in nonlinear ways. Along the way he accounts for major effects of coadaptation and coevolution: the emergence of building blocks, or schemata, that are recombined and passed on to succeeding generations to provide, innovations and improvements.
Download or read book The Delta Model written by Arnoldo C. Hax and published by Springer Science & Business Media. This book was released on 2009-11-27 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategy is the most central issue in management. It has to do with defining the purpose of an organization, understanding the market in which it operates and the capabilities the firm possesses, and putting together a winning plan. There are many influential frameworks to help managers undertake a systematic reflection on this issue. The most dominant approaches are Michael Porter’s "Competitive Strategy" and the "Resource-Based View of the Firm," popularized by Gary Hamel and C.K. Prahalad. Arnoldo Hax argues there are fundamental drawbacks in the underlying hypotheses of these approaches in that they define strategy as a way to achieve sustainable competitive advantage. This line of thinking could be extremely dangerous because it puts the competitor at the center and therefore anchors you in the past, establishes success as a way of beating your competitors, and this obsession often leads toward imitation and congruency. The result is commoditization - which is the worst outcome that could possibly happen to a business. The Delta Model is an extremely innovative view of strategy. It abandons all of these assumptions and instead puts the customer at the center. By doing that it allows us to be truly creative, separating ourselves from the herd in pursuit of a unique and differentiated customer value proposition. Many years of intense research at MIT, supported by an extensive consulting practice, have resulted in development of powerful new concepts and practical tools to guide organizational leaders into a completely different way of looking at strategy, including a new way of doing customer segmentation and examining the competencies of the firm, with an emphasis on using the extended enterprise as a primary way of serving the customer. This last concept means that we cannot play the game alone; that we need to establish a network among suppliers, the firm, the customers, and complementors – firms that are in the business of developing products and services that enhance our own offering to the customer. Illustrated through dozens of examples, and discussion of application to small and medium-sized businesses and not-for-profits, the Delta Model will help readers in all types of organizations break out of old patterns of behavior and achieve strategic flexibility -- an especially timely talent during times of crisis, intense competition, and rapid change.
Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : M. Allais
Download or read book Expected Utility Hypotheses and the Allais Paradox written by M. Allais and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 706 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.
Book Synopsis Complex Adaptive Systems by : John H. Miller
Download or read book Complex Adaptive Systems written by John H. Miller and published by Princeton University Press. This book was released on 2009-11-28 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the first clear, comprehensive, and accessible account of complex adaptive social systems, by two of the field's leading authorities. Such systems--whether political parties, stock markets, or ant colonies--present some of the most intriguing theoretical and practical challenges confronting the social sciences. Engagingly written, and balancing technical detail with intuitive explanations, Complex Adaptive Systems focuses on the key tools and ideas that have emerged in the field since the mid-1990s, as well as the techniques needed to investigate such systems. It provides a detailed introduction to concepts such as emergence, self-organized criticality, automata, networks, diversity, adaptation, and feedback. It also demonstrates how complex adaptive systems can be explored using methods ranging from mathematics to computational models of adaptive agents. John Miller and Scott Page show how to combine ideas from economics, political science, biology, physics, and computer science to illuminate topics in organization, adaptation, decentralization, and robustness. They also demonstrate how the usual extremes used in modeling can be fruitfully transcended.
Book Synopsis The Economics of Artificial Intelligence by : Ajay Agrawal
Download or read book The Economics of Artificial Intelligence written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2024-03-05 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
Book Synopsis The Nature of Value by : Nick Gogerty
Download or read book The Nature of Value written by Nick Gogerty and published by Columbia University Press. This book was released on 2014-07-15 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nature of Value presents a theory of how economic value functions and how it drives growth, starting with tiny sparks of innovation and scaling all the way up to the full scope of the economy. Nick GogertyÕs exploration of value borrows from a wide array of disciplines, including anthropology, psychology, physics, sociology, and ethics, but most of all, it examines how evolutionÕs processes can help investors understand the economy and how investors can use this new understanding to improve their allocation decisions. Starting with a look at how innovations can help firms succeed, Gogerty looks at the economic niches in which firms compete and explores how firms can create defensive ÒmoatsÓ to enhance their chances of survival. He shows allocators how to adjust their actions for best performance and returns and what to look for when assessing company management, supporting his arguments with extensive data and years of practitioner experience from scientific, social, and economic disciplines. Intuitive illustrations are used to illuminate central concepts and ideas. GogertyÕs practical takeaways, couched in vivid explanations, will help investors of all backgrounds gain fresh insight into market mechanics.
Book Synopsis An Evolutionary Theory of Economic Change by : Richard R. Nelson
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Book Synopsis The New Evolutionary Microeconomics by : Jason Potts
Download or read book The New Evolutionary Microeconomics written by Jason Potts and published by Edward Elgar Publishing. This book was released on 2000 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work acts as a critique of the basis of neoclassical microeconomics, and makes a proposal for the structure of a new evolutionary theory.
Book Synopsis Economic Modeling Using Artificial Intelligence Methods by : Tshilidzi Marwala
Download or read book Economic Modeling Using Artificial Intelligence Methods written by Tshilidzi Marwala and published by Springer Science & Business Media. This book was released on 2013-04-02 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Modeling Using Artificial Intelligence Methods examines the application of artificial intelligence methods to model economic data. Traditionally, economic modeling has been modeled in the linear domain where the principles of superposition are valid. The application of artificial intelligence for economic modeling allows for a flexible multi-order non-linear modeling. In addition, game theory has largely been applied in economic modeling. However, the inherent limitation of game theory when dealing with many player games encourages the use of multi-agent systems for modeling economic phenomena. The artificial intelligence techniques used to model economic data include: multi-layer perceptron neural networks radial basis functions support vector machines rough sets genetic algorithm particle swarm optimization simulated annealing multi-agent system incremental learning fuzzy networks Signal processing techniques are explored to analyze economic data, and these techniques are the time domain methods, time-frequency domain methods and fractals dimension approaches. Interesting economic problems such as causality versus correlation, simulating the stock market, modeling and controling inflation, option pricing, modeling economic growth as well as portfolio optimization are examined. The relationship between economic dependency and interstate conflict is explored, and knowledge on how economics is useful to foster peace – and vice versa – is investigated. Economic Modeling Using Artificial Intelligence Methods deals with the issue of causality in the non-linear domain and applies the automatic relevance determination, the evidence framework, Bayesian approach and Granger causality to understand causality and correlation. Economic Modeling Using Artificial Intelligence Methods makes an important contribution to the area of econometrics, and is a valuable source of reference for graduate students, researchers and financial practitioners.
