Download or read book Barriers and Bounds to Rationality written by Peter Albin and published by Princeton University Press. This book was released on 1998-04-26 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems. Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality. Albin has analyzed economic systems as interactions of highly complex components (i.e., intelligent human beings). He uses the theories of generative linguistics and cellular automata to establish that the complexity level of economic systems is, in principle at least, that of a Turing machine or general-purpose computer, establishing that classic economic approaches to the problems of household and firm choice, macroeconomic prediction, and policy evaluation may give rise to undecidable propositions and uncomputable functions. He develops simple models of dynamic economic interaction based on cellular automata which illustrate the inherent complexity of economic interactions and the resulting challenge they pose to traditional theories of rational economic behavior. These models explore the dynamics of the business cycle, decentralized market trading, and the emergence of cooperation in a novel local-interaction version of the repeated prisoners' dilemma game. Albin's work provides a unique and important perspective on economic systems.
Download or read book Barriers and Bounds to Rationality written by Peter Albin and published by Princeton University Press. This book was released on 2021-10-12 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems. Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality. Albin has analyzed economic systems as interactions of highly complex components (i.e., intelligent human beings). He uses the theories of generative linguistics and cellular automata to establish that the complexity level of economic systems is, in principle at least, that of a Turing machine or general-purpose computer, establishing that classic economic approaches to the problems of household and firm choice, macroeconomic prediction, and policy evaluation may give rise to undecidable propositions and uncomputable functions. He develops simple models of dynamic economic interaction based on cellular automata which illustrate the inherent complexity of economic interactions and the resulting challenge they pose to traditional theories of rational economic behavior. These models explore the dynamics of the business cycle, decentralized market trading, and the emergence of cooperation in a novel local-interaction version of the repeated prisoners' dilemma game. Albin's work provides a unique and important perspective on economic systems.
Download or read book Space Politics and Policy written by E. Sadeh and published by Springer Science & Business Media. This book was released on 2002 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: Space Politics and Policy: An Evolutionary Perspective provides a comprehensive survey of Space Policy. This book is organized around two themes. Space Policy is evolutionary in that it has responded to dramatic political events, such as the launching of Sputnik and the Cold War, and has undergone dynamic and evolutionary policy changes over the course of the space age. Space Policy is an integral part of and interacts with public policy processes in the United States and abroad. The book analyzes Space Policy at several levels including historical context, political actors and institutions, political processes and policy outcomes. It examines the symbiotic relationships between policy, technology, and science; provides a review and synthesis of the existing body of knowledge in Space Policy; and identifies Space Policy trends and developments from the beginnings of the space age through the current era of the twenty-first century.
Download or read book Handbook of Computational Economics written by Leigh Tesfatsion and published by Elsevier. This book was released on 2006-05-15 with total page 905 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues.*Every volume contains contributions from leading researchers*Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys
Download or read book Psychology Rationality and Economic Behaviour written by B. Agarwal and published by Springer. This book was released on 2005-08-03 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics has paid little attention to the psychology of economic behaviour, leading to somewhat simplistic assumptions about human nature. The psychological aspects have typically been reduced to standard utility theory, based on a narrow conception of rationality and self-interest maximization. The contributions in this volume, some focused on analytical models and methodology, others on laboratory and field experiments, challenge these assumptions, and provide novel and complex understandings of human motivation and economic decision-making. With a pioneering introduction by the book's two editors, this volume brings together exciting contributions to a field that is rapidly growing in influence and reach.
Download or read book Rational Econometric Man written by Edward J. Nell and published by Edward Elgar Publishing. This book was released on 2013-09-30 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: •If you are interested in understanding the underlying philosophical reasons why structural econometrics seems dead, read this book. Not only do the authors provide a comprehensive, stimulating, and provocative account of the debate and literature, the
Download or read book Trends in Mathematical Economics written by Alberto A. Pinto and published by Springer. This book was released on 2016-07-30 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers carefully selected works in Mathematical Economics, on myriad topics including General Equilibrium, Game Theory, Economic Growth, Welfare, Social Choice Theory, Finance. It sheds light on the ongoing discussions that have brought together leading researchers from Latin America and Southern Europe at recent conferences in venues like Porto, Portugal; Athens, Greece; and Guanajuato, Mexico. With this volume, the editors not only contribute to the advancement of research in these areas, but also inspire other scholars around the globe to collaborate and research these vibrant, emerging topics.
Download or read book From Catastrophe to Chaos A General Theory of Economic Discontinuities written by J. Barkley Rosser and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Catastrophe to Chaos: A General Theory of Economic Discontinuities presents and unusual perspective on economics and economic analysis. Current economic theory largely depends upon assuming that the world is fundamentally continuous. However, an increasing amount of economic research has been done using approaches that allow for discontinuities such as catastrophe theory, chaos theory, synergetics, and fractal geometry. The spread of such approaches across a variety of disciplines of thought has constituted a virtual intellectual revolution in recent years. This book reviews the applications of these approaches in various subdisciplines of economics and draws upon past economic thinkers to develop an integrated view of economics as a whole from the perspective of inherent discontinuity.
Download or read book On the Methodology of Financial Economics written by Kavous Ardalan and published by Edward Elgar Publishing. This book was released on 2023-06-01 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Utilizing a multi-paradigmatic approach in considering the scientific methodology of mainstream financial economics, and suggesting improvements, this book identifies eleven biases of the scientific methodology of mainstream financial economics, namely: intellectual bias, local bias, fad bias, ideological bias, automaticity bias, confirmation bias, cultural bias, stereotyping bias, under-productivity bias, homogeneity bias, and isolation bias.
Download or read book The Microeconomics of Complex Economies written by Wolfram Elsner and published by Academic Press. This book was released on 2014-04-15 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Microeconomics of Complex Economies uses game theory, modeling approaches, formal techniques, and computer simulations to teach useful, accessible approaches to real modern economies. It covers topics of information and innovation, including national and regional systems of innovation; clustered and networked firms; and open-source/open-innovation production and use. Its final chapter on policy perspectives and decisions confirms the value of the toolset. Written so chapters can be used independently, the book includes an introduction to computer simulation and pedagogical supplements. Its formal, accessible treatment of complexity goes beyond the scopes of neoclassical and mainstream economics. The highly interdependent economy of the 21st century demands a reconsideration of economic theories. - Describes the usefulness of complex heterodox economics - Emphasizes divergences and convergences with neoclassical economic theories and perspectives - Fits easily into courses on intermediate microeconomics, industrial organization, and games through self-contained chapters
Download or read book Complexity Hints for Economic Policy written by Massimo Salzano and published by Springer Science & Business Media. This book was released on 2007-05-15 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.
Download or read book Complexity and the History of Economic Thought written by and published by Routledge. This book was released on with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Oxford Handbook of Philosophy of Economics written by Harold Kincaid and published by Oxford University Press. This book was released on 2009-03-06 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Philosophy of Economics is a cutting-edge reference work to philosophical issues in the practice of economics. It is motivated by the view that there is more to economics than general equilibrium theory, and that the philosophy of economics should reflect the diversity of activities and topics that currently occupy economists. Contributions in the Handbook are thus closely tied to ongoing theoretical and empirical concerns in economics. Contributors include both philosophers of science and economists. Chapters fall into three general categories: received views in philosophy of economics, ongoing controversies in microeconomics, and issues in modeling, macroeconomics, and development. Specific topics include methodology, game theory, experimental economics, behavioral economics, neuroeconomics, computational economics, data mining, interpersonal comparisons of utility, measurement of welfare and well being, growth theory and development, and microfoundations of macroeconomics. The Oxford Handbook of Philosophy of Economics is a groundbreaking reference like no other in its field. It is a central resource for those wishing to learn about the philosophy of economics, and for those who actively engage in the discipline, from advanced undergraduates to professional philosophers, economists, and historians.
Download or read book Knowledge and Inquiry written by Erik J. Olsson and published by Cambridge University Press. This book was released on 2006-02-13 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume contribute substantially to the understanding of Isaac Levi's work.
Download or read book Artificial Intelligence Learning and Computation in Economics and Finance written by Ragupathy Venkatachalam and published by Springer Nature. This book was released on 2023-02-15 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents frontier research on the use of computational methods to model complex interactions in economics and finance. Artificial Intelligence, Machine Learning and simulations offer effective means of analyzing and learning from large as well as new types of data. These computational tools have permeated various subfields of economics, finance, and also across different schools of economic thought. Through 16 chapters written by pioneers in economics, finance, computer science, psychology, complexity and statistics/econometrics, the book introduces their original research and presents the findings they have yielded. Theoretical and empirical studies featured in this book draw on a variety of approaches such as agent-based modeling, numerical simulations, computable economics, as well as employing tools from artificial intelligence and machine learning algorithms. The use of computational approaches to perform counterfactual thought experiments are also introduced, which help transcend the limits posed by traditional mathematical and statistical tools. The book also includes discussions on methodology, epistemology, history and issues concerning prediction, validation, and inference, all of which have become pertinent with the increasing use of computational approaches in economic analysis.
Download or read book Popper and Economic Methodology written by Thomas Boylan and published by Routledge. This book was released on 2007-09-11 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book, under the impressive editorship of Thomas Boylan and Paschal O'Gorman, explores a number of major themes central to the work of Karl Popper.The tensions that have resulted from Popperian thought are well documented. How can mainstream orthodox economics be falsifiable while privileging its core of rationality as unquestionable? This
Download or read book Sectors Matter written by Stefan Mann and published by Springer Science & Business Media. This book was released on 2011-06-10 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although all economic activities take place in sectors, economists often devote little attention to differences between and characteristics of sectors. This book tries to show that mesoeconomics, the economic exploration of sectors and groups, is a useful instrument of analysis between microeconomics (the analysis of markets) and macroeconomics (the analysis of economies). In order to do so, economists and social scientists from related disciplines and coming from Europe, Australia and Asia, demonstrate that sectors matter for economic development and the formation of societies. The book includes chapters with rigorous economic analysis, outlooks on economic history, and case studies in order to show the relevance of sectoral issues, this broad range of content making it likely the most comprehensive book on mesoeconomics to date.
