Nonlinearity, Complexity and Randomness in Economics PDF Download

Author: Stefano Zambelli
Publisher: John Wiley & Sons
ISBN: 1118300432
Category : Business & Economics
Languages : en
Pages : 352

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Book Description
Nonlinearity, Complexity and Randomness in Economics presents a variety of papers by leading economists, scientists, and philosophers who focus on different aspects of nonlinearity, complexity and randomness, and their implications for economics. A theme of the book is that economics should be based on algorithmic, computable mathematical foundations. Features an interdisciplinary collection of papers by economists, scientists, and philosophers Presents new approaches to macroeconomic modelling, agent-based modelling, financial markets, and emergent complexity Reveals how economics today must be based on algorithmic, computable mathematical foundations

Author: Stefano Zambelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 637

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Author: K. Vela Velupillai
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
In this paper I make an attempt to describe, discuss and extend a few aspects of the rich mathematical tapestry that can be woven with rigorous notions of non-linear dynamics, complexity and randomness, in terms of"algorithmic mathematics. It is a tapestry that I try to weave with economic analysis, economic theory and economic modelling in mind. All three notions - that is, non-linear dynamics, complexity and randomness - have a rich conceptual, modelling or analytic tradition in core areas of economic theory, both at the micro and macro levels. It is the algorithmic foundation I try to provide for them that could be considered the novel contribution in this paper. Once the algorithmic foundations are in place, it is, for example, almost natural to consider the famed difficulties of obtaining closed form solutions for non-linear, complex or random dynamic models in economics almost a trivial vestige of a pre-simulation era in mathematical modelling.

Author: William A. Barnett
Publisher: Cambridge University Press
ISBN: 9780521355636
Category : Business & Economics
Languages : en
Pages : 426

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Book Description
The contents of this volume comprise the proceedings of the International Symposia in Economic Theory and Econometrics conference held in 1987 at the IC^T2 (Innovation, Creativity, and Capital) Institute at the University of Texas at Austin. The essays present fundamental new research on the analysis of complicated outcomes in relatively simple macroeconomic models. The book covers econometric modelling and time series analysis techniques in five parts. Part I focuses on sunspot equilibria, the study of uncertainty generated by nonstochastic economic models. Part II examines the more traditional examples of deterministic chaos: bubbles, instability, and hyperinflation. Part III contains the most current literature dealing with empirical tests for chaos and strange attractors. Part IV deals with chaos and informational complexity. Part V, Nonlinear Econometric Modelling, includes tests for and applications of nonlinearity.

Author: Stefano Zambelli
Publisher:
ISBN:
Category :
Languages : en
Pages : 243

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Author: Stanisław Drożdż
Publisher: MDPI
ISBN: 3036507949
Category : Business & Economics
Languages : en
Pages : 534

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Book Description
There is no term that better describes the essential features of human society than complexity. On various levels, from the decision-making processes of individuals, through to the interactions between individuals leading to the spontaneous formation of groups and social hierarchies, up to the collective, herding processes that reshape whole societies, all these features share the property of irreducibility, i.e., they require a holistic, multi-level approach formed by researchers from different disciplines. This Special Issue aims to collect research studies that, by exploiting the latest advances in physics, economics, complex networks, and data science, make a step towards understanding these economic and social systems. The majority of submissions are devoted to financial market analysis and modeling, including the stock and cryptocurrency markets in the COVID-19 pandemic, systemic risk quantification and control, wealth condensation, the innovation-related performance of companies, and more. Looking more at societies, there are papers that deal with regional development, land speculation, and the-fake news-fighting strategies, the issues which are of central interest in contemporary society. On top of this, one of the contributions proposes a new, improved complexity measure.

Author: Marisa Faggini
Publisher: Springer
ISBN: 3319051857
Category : Business & Economics
Languages : en
Pages : 250

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Book Description
In this book, leading experts discuss innovative components of complexity theory and chaos theory in economics. The underlying perspective is that investigations of economic phenomena should view these phenomena not as deterministic, predictable and mechanistic but rather as process dependent, organic and always evolving. The aim is to highlight the exciting potential of this approach in economics and its ability to overcome the limitations of past research and offer important new insights. The book offers a stimulating mix of theory, examples and policy. By casting light on a variety of topics in the field, it will provide an ideal platform for researchers wishing to deepen their understanding and identify areas for further investigation.

Author: Marisa Faggini
Publisher: Springer Science & Business Media
ISBN: 8847010837
Category : Science
Languages : en
Pages : 177

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Book Description
Throughout the history of economics, a variety of analytical tools have been borrowed from the so-called exact sciences. As Schoe?er (1955) puts it: “They have taken their mathematics and their ded- tive techniques from physics, their statistics from genetics and agr- omy, their systems of classi?cation from taxonomy and chemistry, their model-construction techniques from astronomy and mechanics, and their methods of analysis of the consequences of actions from en- neering”. The possibility of similarities of structure in mathematical models of economic and physical systems has been an important f- tor in the development of neoclassical theory. To treat the state of an economy as an equilibrium, analogous to the equilibrium of a mech- ical system has been a key concept in economics ever since it became a mathematically formalized science. Adopting a Newtonian paradigm neoclassical economics often is based on three fundamental concepts. Firstly, the representative agent who is a scale model of the whole society with extraordinary capacities, particularly concerning her - pability of information processing and computation. Of course, this is a problematic reduction as agents are both heterogeneous and bou- edly rational and limited in their cognitive capabilities. Secondly, it often con?ned itself to study systems in a state of equilibrium. But this concept is not adequate to describe and to support phenomena in perpetual motion.

Author: Kumaraswamy Velupillai
Publisher: Springer Nature
ISBN: 3030581314
Category : Business & Economics
Languages : en
Pages : 447

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Book Description
This book explores an alternative approach to the conventional, market-based, view of economic theory and economic policy, at theoretical, numerical and applicable levels. The chapters provide a theoretical, empirical, and algorithmic approach to marcodynamics, Sraffian economics, and current policy issues. Post-Keynesian macroeconomics, business cycle theory, the trade cycle, microfoundations, and the Philips Machine are also covered. This book aims to challenge orthodox ideas and provide a lens through which to honour the work of Stefano Zambelli. It will be of relevant to students and academics interested in economics.

Author: William A. Barnett
Publisher: Cambridge University Press
ISBN: 9780521471411
Category : Business & Economics
Languages : en
Pages : 426

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Book Description
This 1997 book presents developments in nonlinear economic dynamics along with related research from other fields, including mathematics, statistics, biology, and physics.