Bounded Rationality And Heterogeneity In Economic Dynamic Models
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Bounded Rationality And Heterogeneity In Economic Dynamic Models
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Author : Pietro Dino Enrico Dindo
language : en
Publisher: Rozenberg Publishers
Release Date : 2007
Bounded Rationality And Heterogeneity In Economic Dynamic Models written by Pietro Dino Enrico Dindo and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Economic modelling categories.
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.
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, 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.
Heterogeneous Agent Modeling
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Author : Cars Hommes
language : en
Publisher: Elsevier
Release Date : 2018-06-27
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
Models Of Bounded Rationality Empirically Grounded Economic Reason
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Author : Herbert Alexander Simon
language : en
Publisher: MIT Press
Release Date : 1997
Models Of Bounded Rationality Empirically Grounded Economic Reason written by Herbert Alexander Simon and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Decision making categories.
Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bouded rationality (the limited extent to which rational calculation can direct human behaviour), Simon shows why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.
Nonlinear Economic Dynamics And Financial Modelling
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Author : Roberto Dieci
language : en
Publisher: Springer
Release Date : 2014-07-26
Nonlinear Economic Dynamics And Financial Modelling written by Roberto Dieci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-26 with Business & Economics categories.
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.
Complex Systems Modeling And Simulation In Economics And Finance
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Author : Shu-Heng Chen
language : en
Publisher: Springer
Release Date : 2018-11-20
Complex Systems Modeling And Simulation In Economics And Finance written by Shu-Heng Chen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-20 with Business & Economics categories.
This title brings together frontier research on complex economic systems, heterogeneous interacting agents, bounded rationality, and nonlinear dynamics in economics. The book contains the proceedings of the CEF2015 (21st Computing in Economics in Finance), held 20-22 June 2015 in Taipei, Taiwan, and addresses some of the important driving forces for various emergent properties in economies, when viewed as complex systems. The breakthroughs reported in this book are a result of an interdisciplinary approach and simulation remains the unifying theme for these papers as they deal with a wide range of topics in economics. The text is a valuable addition to the efforts in promoting the complex systems view in economic science. The computational experiments reported in the book are both transparent and replicable. Complex System Modeling and Simulation in Economics and Finance is useful for graduate courses of complex systems, with particular focus on economics and finance. At the same time it serves as a good overview for researchers who are interested in the topic.
Bounded Rationality In Macroeconomics
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Author : Thomas J. Sargent
language : en
Publisher: Oxford University Press, USA
Release Date : 1993
Bounded Rationality In Macroeconomics written by Thomas J. Sargent and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of "bounded (orlimited) rationality" is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issuesinvolved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.
Models Of Bounded Rationality And Mechanism Design
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Author : Jacob Glazer
language : en
Publisher: World Scientific Publishing Company
Release Date : 2016-08-22
Models Of Bounded Rationality And Mechanism Design written by Jacob Glazer and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-22 with Business & Economics categories.
This book brings together the authors' joint papers from over a period of more than twenty years. The collection includes seven papers, each of which presents a novel and rigorous model in Economic Theory. All of the models are within the domain of implementation and mechanism design theories. These theories attempt to explain how incentive schemes and organizations can be designed with the goal of inducing agents to behave according to the designer's (principal's) objectives. Most of the literature assumes that agents are fully rational. In contrast, the authors inject into each model an element which conflicts with the standard notion of full rationality, demonstrating how such elements can dramatically change the mechanism design problem. Although all of the models presented in this volume touch on mechanism design issues, it is the formal modeling of bounded rationality that the authors are most interested in. A model of bounded rationality signifies a model that contains a procedural element of reasoning that is not consistent with full rationality. Rather than looking for a canonical model of bounded rationality, the articles introduce a variety of modeling devices that will capture procedural elements not previously considered, and which alter the analysis of the model. The book is a journey into the modeling of bounded rationality. It is a collection of modeling ideas rather than a general alternative theory of implementation.
Complex Agent Based Models
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Author : Mauro Gallegati
language : en
Publisher: Springer
Release Date : 2018-09-19
Complex Agent Based Models written by Mauro Gallegati and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-19 with Business & Economics categories.
This book offers a thorough introduction to the highly promising complex agent-based approach to economics, in which agent-based models (ABMs) are used to represent economic systems as complex and evolving systems composed of heterogeneous agents of limited rationality who interact with each other, generating the system’s emergent properties in the process. This approach represents a response to the limitations of the dominant theory in economics, which does not consider the possibility of a major crisis, and to the inability of dynamic stochastic general equilibrium theory to generate empirically falsifiable propositions. In the new perspective, the focus is on identifying the elements of instability rather than the triggering event. As the theory of complexity demonstrates, the interactions of heterogeneous agents produce non-linearity: this puts an end to the age of certainties. With ABMs, the methodology is “from the bottom up”. The individual parameters and their distribution are estimated, and then evaluated to verify whether aggregate regularities emerge on the whole. In short, not only micro, but also meso and macro empirical validation are employed. Moreover, it shows that the mantra of growth should be supplanted by the concept of a growth. Given its depth of coverage, the book will enable students at the undergraduate and Master’s level to gain a firm grasp of this important emerging approach. “This book is flower blossomed by one of the two greatest Italian economists.” Bruce Greenwald, Columbia University “The author’s - the ABM prophet’s - thoughts on economics have been at the forefront of the world. Without a firm belief in and dedication to human society, it is impossible to write such a book. This is a work of high academic value, which can help readers quickly understand the history and current situation of complex economic theory. In particular, we can understand the basic viewpoints, academic status, advantages and shortcomings of various schools of economic theory.” Jie Wu, Guangzhou Milestone Software Co., China