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9781444350319

Nonlinearity, Complexity and Randomness in Economics Towards Algorithmic Foundations for Economics

by ;
  • ISBN13:

    9781444350319

  • ISBN10:

    1444350315

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2012-01-30
  • Publisher: Wiley-Blackwell

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Summary

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 Biography

Stefano Zambelli Professor of Political Economy at the Department of Economics, University of Trento, Italy. He is also a founding member of the Algorithmic Social Sciences Research Unit (ASSRU) at University of Trento. Donald A. R. George is Senior Lecturer in Economics at the University of Edinburgh. He has published extensively on the economics of self-management, economic dynamics and the economics of product reliability, and is joint founding Editor of the Journal of Economic Surveys.

Table of Contents

Notes on Contributorsp. vii
Introductionp. 1
Towards an Algorithmic Revolution in Economic Theoryp. 7
An Algorithmic Information-Theoretic Approach to the Behaviour of Financial Marketsp. 37
Complexity and Randomness in Mathematics: Philosophical Reflections on the Relevance for Economic Modellingp. 69
Behavioural Complexityp. 85
Bounded Rationality and the Emergence of Simplicity Amidst Complexityp. 111
Emergent Complexity in Agent-Based Computational Economicsp. 131
Non-Linear Dynamics, Complexity and Randomness: Algorithmic Foundationsp. 151
Stock-Flow Interactions, Disequilibrium Macroeconomics and the Role of Economic Policyp. 173
Equilibrium Versus Market Efficiency: Randomness versus Complexity in Finance Marketsp. 203
Flexible Accelerator Economic Systems as Coupled Oscillatorsp. 211
Shifting Sands: Non-Linearity, Complexity and Randomness in Economicsp. 237
Indexp. 241
Table of Contents provided by Ingram. All Rights Reserved.

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