Commerce, Complexity, and Evolution: Topics in Economics, Finance, Marketing, and Management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics

by Edited by William A. Barnett , Carl Chiarella , Steve Keen , Robert Marks , Hermann Schnabl

• ISBN13: 9780521620307
• ISBN10: 0521620309
• Format: Hardcover
• Copyright: 2000-06-05
• Publisher: Cambridge University Press

Summary

Commerce, Complexity, and Evolution is a significant contribution to the paradigm - straddling economics, finance, marketing, and management - which acknowledges that commercial systems are evolutionary, and must therefore be analysed using evolutionary tools. Evolutionary systems display complicated behaviours which are to a significant degree generated endogenously, rather than being solely the product of exogenous shocks, hence the conjunction of complexity with evolution. This volume considers a wide range of systems, from the entire economy at one extreme to the behaviour of single markets at the other. The papers are united by methodologies which at their core are evolutionary, though the techniques cover a wide range, from philosophical discourse to differential equations, genetic algorithms, multi-agent simulations and cellular automata. Issues considered include the dynamics of debt-deflation, stock management in a complex environment, interactions between consumers and its effect upon market behaviour, and nonlinear methods to profit from financial market volatility.

Table of Contents

Series editor's preface	ix
Volume editors' preface	xiii
Editors	xxi
List of contributors	xxv
I Philosophical and methodological implications of complexity and evolution in economic systems
Toward a generalized Coase theorem: a theory of the emergence of social and institutional structures under imperfect information	3	(18)
Bertin Martens
Universal Darwinism and social research: the case of economics	21	(16)
John Nightingale
Uncertainty, risk, and chaos	37	(24)
James Juniper
The role of innovation in economics	61	(22)
Russell K. Standish
II Finance and the macroeconomy
The nonlinear economics of debt deflation	83	(28)
Steve Keen
The emergence of complex dynamics in a ``naturally'' nonlinear integrated Keynesian model of monetary growth	111	(36)
Carl Chiarella
Peter Flaschel
Stochastic volatility in interest rates and complex dynamics in velocity	147	(26)
Willam A. Barnett
Haiyang Xu
A genetic-programming-based approach to the generation of foreign-exchange trading models	173	(18)
Andrew Colin
Hybrid option pricing with an optimal weighted implied standard deviation	191	(24)
Paul Lajbcygier
Andrew Flitman
Marimuthu Palaniswami
III Market and sectoral dynamics
Evolutionary patterns of multisectoral growth dynamics	215	(18)
Hermann Schnabl
The detection of evolutionary change in nonlinear economic processes: a new statistical methodology	233	(20)
John Foster
Phillip Wild
Ergodic chaos in a piecewise linear cobweb model	253	(14)
Akio Matsumoto
The cobweb model and a modified genetic algorithm	267	(10)
Janice Gaffney
Krystyna Parrott
Chalres Pearce
Franz Salzborn
The convergence of genetic learning algorithms, with particular reference to recent cobweb models	277	(14)
C.E.M. Pearce
IV Marketing and interdependent behavior
A complex-systems simulation approach to evaluating plan-based and reactive trading strategies	291	(22)
Robert B. Johnston
John M. Betts
Genetic algorithms and evolutionary games	313	(22)
Xin Yao
Paul Darwen
Evolved perception and the validation of simulation models	335	(16)
Robert Marks
The application of cellular-automata and agent models to network externalities in consumers' theory: a generalization-of-life game	351	(22)
Sobei H. Oda
Ken Miura
Kanji Ueda
Yasunori Baba
Engendering change	373
Joshua S. Gans