Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems
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Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems
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Author : Carsien Harm Hommes
language : en
Publisher:
Release Date : 2013
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems written by Carsien Harm Hommes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Economics categories.
"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"--
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems
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Author : Carsien Harm Hommes
language : en
Publisher:
Release Date : 2014-05-14
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems written by Carsien Harm Hommes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-14 with BUSINESS & ECONOMICS categories.
Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems
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Author : Cars Hommes
language : en
Publisher: Cambridge University Press
Release Date : 2013-01-24
Behavioral Rationality And Heterogeneous Expectations In Complex Economic Systems written by Cars Hommes and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-24 with Business & Economics categories.
Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.
Nonlinearity Bounded Rationality And Heterogeneity
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Author : Tamotsu Onozaki
language : en
Publisher: Springer
Release Date : 2018-01-28
Nonlinearity Bounded Rationality And Heterogeneity written by Tamotsu Onozaki and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-28 with Business & Economics categories.
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.
Computational Economics Heterogeneous Agent Modeling
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Author : Cars Hommes
language : en
Publisher: Elsevier
Release Date : 2018-06-27
Computational Economics Heterogeneous Agent Modeling written by Cars Hommes and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-27 with Business & Economics categories.
Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. - Helps readers fully understand the dynamic properties of realistically rendered economic systems - Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions - Provides broad assessments that can lead researchers to recognize new synergies and opportunities
Handbook Of Economic Expectations
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Author : Ruediger Bachmann
language : en
Publisher: Elsevier
Release Date : 2022-11-04
Handbook Of Economic Expectations written by Ruediger Bachmann and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-04 with Business & Economics categories.
Handbook of Economic Expectations discusses the state-of-the-art in the collection, study and use of expectations data in economics, including the modelling of expectations formation and updating, as well as open questions and directions for future research. The book spans a broad range of fields, approaches and applications using data on subjective expectations that allows us to make progress on fundamental questions around the formation and updating of expectations by economic agents and their information sets. The information included will help us study heterogeneity and potential biases in expectations and analyze impacts on behavior and decision-making under uncertainty. - Combines information about the creation of economic expectations and their theories, applications and likely futures - Provides a comprehensive summary of economics expectations literature - Explores empirical and theoretical dimensions of expectations and their relevance to a wide array of subfields in economics
Experiments In Macroeconomics
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Author : John Duffy
language : en
Publisher: Emerald Group Publishing
Release Date : 2014-11-14
Experiments In Macroeconomics written by John Duffy and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-14 with Business & Economics categories.
Volume 17 entitled 'Experiments in Macroeconomics', of the Research in Experimental Economics Book Series is the first-ever collection by leading researchers in the field of laboratory studies aimed at understanding macroeconomic phenomena.
Handbook Of Game Theory And Industrial Organization Volume I
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Author : Luis C. Corchón
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-02-23
Handbook Of Game Theory And Industrial Organization Volume I written by Luis C. Corchón and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-23 with Business & Economics categories.
The first volume of this wide-ranging Handbook contains original contributions by world-class specialists. It provides up-to-date surveys of the main game-theoretic tools commonly used to model industrial organization topics. The Handbook covers numerous subjects in detail including, among others, the tools of lattice programming, supermodular and aggregative games, monopolistic competition, horizontal and vertically differentiated good models, dynamic and Stackelberg games, entry games, evolutionary games with adaptive players, asymmetric information, moral hazard, learning and information sharing models.
Reflexivity And Economics
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Author : John Davis
language : en
Publisher: Routledge
Release Date : 2018-04-19
Reflexivity And Economics written by John Davis and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-19 with Business & Economics categories.
The form of ‘reflexivity’ – defined by the dictionary as that which is ‘directed back upon itself’ – that is most relevant to economic methodology is that where observation of the economy leads to ideas that change behavior, which in turn changes (is directed back upon) the economy itself. As George Soros explains: "if investors believe that markets are efficient then that belief will change the way they invest, and that in turn will change the nature of the markets they are observing ... That is the principle of reflexivity". Although various versions of reflexivity have long been discussed, in recent years George Soros has been particularly effective in bringing ideas about reflexivity to the attention of the economic and financial communities. In a series of writings he has systematically argued that reflexivity is not only an important aspect of economic life, it is an aspect that is neglected in most mainstream theorizing; and in addition, that the neglect of reflexivity has been responsible for the failure of economists to predict, explain, or offer a solution for events such as the recent financial crisis. Soros’ ideas about reflexivity have important methodological significance, and his chapter in this book summarizes and clarifies his arguments. His contribution is joined by those of thirteen scholars from a wide range of relevant fields, who provide a commentary on the idea of reflexivity in economics. This book was originally published as a special issue of The Journal of Economic Methodology.
Sunspots And Non Linear Dynamics
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Author : Kazuo Nishimura
language : en
Publisher: Springer
Release Date : 2016-12-03
Sunspots And Non Linear Dynamics written by Kazuo Nishimura and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-03 with Business & Economics categories.
This book presents the state-of-the-art in non-linear dynamics and sunspots. These two topics have been the core of an international conference on instability and public policies in a globalized world, organized at Aix-Marseille School of Economics and GREQAM in honor of Jean-Michel Grandmont. He has made significant contributions on general equilibrium theory, monetary theory, learning, aggregation, non-linear dynamics and sunspots. This book assembles contributions by Jean-Michel Grandmont's colleagues, students and friends that have been influenced by his works and that are at the frontier of research in this domain today.