Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

Business & Finance, Economics, Microeconomics
Cover of the book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by Cars Hommes, Cambridge University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Cars Hommes ISBN: 9781139610483
Publisher: Cambridge University Press Publication: January 24, 2013
Imprint: Cambridge University Press Language: English
Author: Cars Hommes
ISBN: 9781139610483
Publisher: Cambridge University Press
Publication: January 24, 2013
Imprint: Cambridge University Press
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Cambridge University Press

Cover of the book Language, Sexuality and Education by Cars Hommes
Cover of the book The Cambridge Companion to Cervantes by Cars Hommes
Cover of the book The Sources of Social Power: Volume 4, Globalizations, 1945–2011 by Cars Hommes
Cover of the book Managing International Business in China by Cars Hommes
Cover of the book Identity, Community, and Learning Lives in the Digital Age by Cars Hommes
Cover of the book Governing the Climate by Cars Hommes
Cover of the book Out-of-Control Criminal Justice by Cars Hommes
Cover of the book Quantum Mechanics for Scientists and Engineers by Cars Hommes
Cover of the book The Cambridge Companion to Creative Writing by Cars Hommes
Cover of the book Vowel Patterns in Language by Cars Hommes
Cover of the book The Cambridge Companion to Ancient Rhetoric by Cars Hommes
Cover of the book Electromechanics and MEMS by Cars Hommes
Cover of the book MRI from Picture to Proton by Cars Hommes
Cover of the book The Cambridge Companion to English Literature, 1500–1600 by Cars Hommes
Cover of the book The Cambridge Companion to Nathaniel Hawthorne by Cars Hommes
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy