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Economic Complexity

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Overview

The last fifteen or twenty years have been marked by fundamental advances in the sources of complex behavior in micro- and macro-economics, in the practical and methodological implications of such behavior, and in the methods and tools appropriate to cope with them. Much of these developments have been driven by the recognition and acceptance by economists of approaches initiated in other fields - such as non-linear dynamics, statistical physics, network theory, biology, computer science, and the use of computational methods as problem-solving tools - giving rise to important and innovative impulses to economic thinking.

The sixteen papers in this book — the fourteenth volume in the series International Symposia in Economic Theory and Econometrics - reflect from various perspectives this recent evolution. They are the outgrow from a selection of communications presented at the COMPLEXITY2000 workshop held in Aix en Provence, France, 4-6 May 2000 - a workshop that brought together, from twenty-two nations, almost seventy economists, mathematicians, biologists and physicists interested in complex phenomena. All papers were strictly refereed in the intended tradition of the series: to provide journal quality collections of research papers of unusual importance in areas of currently highly visible activity within the economics profession.

With its selection of articles, the book presents an overview of advanced contributions to complexity in economics and social system, such as chaotic dynamics and multiple equilibria, agent-based models, applications of genetic algorithms, non-equilibrium macro-dynamics, information transmission, learning mechanisms. Although thepapers address economic problems, the authorship and the perspectives presented are interdisciplinary and provide therefore a number of innovative insights and solutions to classical or new questions.

The last fifteen or twenty years have been marked by fundamental advances in the sources of complex behavior in micro- and macro-economics, in the practical and methodological implications of such behavior, and in the methods and tools appropriate to cope with them. Much of these developments have been driven by the recognition and acceptance by economists of approaches initiated in other fields - such as non-linear dynamics, statistical physics, network theory, biology, computer science, and the use of computational methods as problem-solving tools - giving rise to important and innovative impulses to economic thinking.

The sixteen papers in this book -- the fourteenth volume in the series International Symposia in Economic Theory and Econometrics - reflect from various perspectives this recent evolution. They are the outgrow from a selection of communications presented at the COMPLEXITY2000 workshop held in Aix en Provence, France, 4-6 May 2000 - a workshop that brought together, from twenty-two nations, almost seventy economists, mathematicians, biologists and physicists interested in complex phenomena. All papers were strictly refereed in the intended tradition of the series: to provide journal quality collections of research papers of unusual importance in areas of currently highly visible activity within the economics profession.

With its selection of articles, the book presents an overview of advanced contributions to complexity in economics and social system, such as chaotic dynamics and multiple equilibria, agent-based models, applications of genetic algorithms, non-equilibrium macro-dynamics, information transmission, learning mechanisms. Although the papers addresseconomic problems, the authorship and the perspectives presented are interdisciplinary and provide therefore a number of innovative insights and solutions to classical or new questions

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Product Details

Table of Contents

Introduction to the Series
Foreword
Contributors
Ch. 1 A Simple Growth-Cycle Model Displaying "Sil'nikov Chaos" 3
Ch. 2 Real-Financial Interaction: A Reconsideration of the Blanchard Model with a State-of-Market Dependent Reaction Coefficient 31
Ch. 3 Complex Remanence vs. Simple Persistence: Are Hysteresis and Unit-Root Processes Observationally Equivalent? 67
Ch. 4 Multiple Equilibria, History Dependence, and Global Dynamics in Intertemporal Optimization Models 91
Ch. 5 On Information-Contagious Behavior 125
Ch. 6 The Origins of the Deadline: Optimizing Communication in Organizations 159
Ch. 7 Organization of Innovation in a Multi-unit Firm: Coordinating Adaptive Search on Multiple Rugged Landscapes 189
Ch. 8 Patterns of Consumption in a Discrete Choice Model with Asymmetric Interactions 215
Ch. 9 Interaction in Aggregate Demand for Investment and Regime Switching 237
Ch. 10 Speculative Bubbles and Fat-Tail Phenomena in a Heterogeneous Agent Model 259
Ch. 11 Chaotic Price Instability Implies Benefit for Consumers 277
Ch. 12 A Dynamic Non-Tatonnement Macroeconomic Model with Stochastic Rationing 301
Ch. 13 Expectational Leads in Economic Dynamical Systems 333
Ch. 14 Dynamics of Beliefs and Learning Under a[subscript L]-Processes - The Homogeneous Case 363
Ch. 15 Genetic Learning of Nash Equilibria in Illicit Drug Markets and Prerequisites for a Successful Crackdown 391
Ch. 16 The Dynamics of the Linear Random Farmer Model 411
Bibliography 431
Subject Index 457
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