Nonlinearity Bounded Rationality And Heterogeneity

Author : Tamotsu Onozaki
Publisher : Springer
Page : 220 pages
File Size : 50,7 Mb
Release : 2018-01-28
Category : Business & Economics
ISBN : 9784431549710

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Nonlinearity, Bounded Rationality, and Heterogeneity by Tamotsu Onozaki Pdf

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.

Author : Pietro Dino Enrico Dindo
Publisher : Rozenberg Publishers
Page : 180 pages
File Size : 48,9 Mb
Release : 2007
Category : Economic modelling
ISBN : 9789051709360

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Bounded rationality and heterogeneity in economic dynamic models by Pietro Dino Enrico Dindo Pdf

Author : Cars Hommes
Publisher : Cambridge University Press
Page : 273 pages
File Size : 41,6 Mb
Release : 2013-01-24
Category : Business & Economics
ISBN : 9781107019294

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Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by Cars Hommes Pdf

Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.

Author : Thomas Lux,Stefan Reitz,Eleni Samanidou
Publisher : Springer Science & Business Media
Page : 326 pages
File Size : 44,8 Mb
Release : 2006-06-06
Category : Business & Economics
ISBN : 9783540272960

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Nonlinear Dynamics and Heterogeneous Interacting Agents by Thomas Lux,Stefan Reitz,Eleni Samanidou Pdf

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.

Author : Cars Hommes
Publisher : Cambridge University Press
Page : 273 pages
File Size : 45,5 Mb
Release : 2013-01-24
Category : Business & Economics
ISBN : 9781139619783

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Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by Cars Hommes Pdf

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.

Author : Gian Italo Bischi,Carl Chiarella,Laura Gardini
Publisher : Springer Science & Business Media
Page : 384 pages
File Size : 47,8 Mb
Release : 2009-12-15
Category : Business & Economics
ISBN : 9783642040238

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Nonlinear Dynamics in Economics, Finance and the Social Sciences by Gian Italo Bischi,Carl Chiarella,Laura Gardini Pdf

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.

Author : Alberto Gabriele,Elias Jabbour
Publisher : Routledge
Page : 360 pages
File Size : 52,8 Mb
Release : 2022-03-03
Category : Business & Economics
ISBN : 9781000545487

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Socialist Economic Development in the 21st Century by Alberto Gabriele,Elias Jabbour Pdf

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.

Author : R. Salehnejad
Publisher : Springer
Page : 309 pages
File Size : 40,8 Mb
Release : 2006-11-28
Category : Business & Economics
ISBN : 9780230625150

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Rationality, Bounded Rationality and Microfoundations by R. Salehnejad Pdf

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.

Author : Alwyn Scott
Publisher : Routledge
Page : 2881 pages
File Size : 43,6 Mb
Release : 2006-05-17
Category : Reference
ISBN : 9781135455576

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Encyclopedia of Nonlinear Science by Alwyn Scott Pdf

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.

Author : Marji Lines
Publisher : Springer Science & Business Media
Page : 238 pages
File Size : 49,9 Mb
Release : 2007-03-23
Category : Business & Economics
ISBN : 9783211380437

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Nonlinear Dynamical Systems in Economics by Marji Lines Pdf

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.

Author : Roberto Dieci,Xue-Zhong He,Cars Hommes
Publisher : Springer
Page : 389 pages
File Size : 52,6 Mb
Release : 2014-07-26
Category : Business & Economics
ISBN : 9783319074702

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Nonlinear Economic Dynamics and Financial Modelling by Roberto Dieci,Xue-Zhong He,Cars Hommes Pdf

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.

Author : Arne Heise
Publisher : LIT Verlag Münster
Page : 260 pages
File Size : 44,8 Mb
Release : 2020-03
Category : Electronic
ISBN : 9783643911278

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The Socioeconomics of Economics by Arne Heise Pdf

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'.

Author : Engelbert J. Dockner,Richard F. Hartl,Mikulas Luptacik,Gerhard Sorger
Publisher : Springer Science & Business Media
Page : 434 pages
File Size : 53,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642576843

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Optimization, Dynamics, and Economic Analysis by Engelbert J. Dockner,Richard F. Hartl,Mikulas Luptacik,Gerhard Sorger Pdf

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.

Author : Carl Chiarella,Reiner Franke,Peter Flaschel,Willi Semmler
Publisher : Emerald Group Publishing
Page : 563 pages
File Size : 54,8 Mb
Release : 2006-05-30
Category : Business & Economics
ISBN : 9780444521224

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Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels by Carl Chiarella,Reiner Franke,Peter Flaschel,Willi Semmler Pdf

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.

Author : Thorsten Hens,Klaus Reiner Schenk-Hoppe
Publisher : Elsevier
Page : 607 pages
File Size : 40,7 Mb
Release : 2009-06-12
Category : Business & Economics
ISBN : 9780080921433

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Handbook of Financial Markets: Dynamics and Evolution by Thorsten Hens,Klaus Reiner Schenk-Hoppe Pdf

The models of portfolio selection and asset price dynamics in this volume seek to explain the market dynamics of asset prices. Presenting a range of analytical, empirical, and numerical techniques as well as several different modeling approaches, the authors depict the state of debate on the market selection hypothesis. By explicitly assuming the heterogeneity of investors, they present models that are descriptive and normative as well, making the volume useful for both finance theorists and financial practitioners. Explains the market dynamics of asset prices, offering insights about asset management approaches Assumes a heterogeneity of investors that yields descriptive and normative models of portfolio selections and asset pricing dynamics