Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

Name: Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems
Brand: Cambridge University Press
SKU: 9781107564978
Price: 234.55 RON
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Autor: Cars Hommes

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Editura: Cambridge University Press

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Recognising that the economy is a complex system with boundedly rational interacting agents, the boo...

Informații despre carte

Autor

Cars Hommes

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2015

Pagini

272

EAN

9781107564978

ISBN

1107564972

Enbook ID

09365778

Editura

Cambridge University Press

Greutate

504

Dimensiuni

257 x 172 x 16

Descriere completă

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.

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Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

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