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BOOK EXCERPT:
A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.
Product Details :
Genre |
: Mathematics |
Author |
: W. Brian Arthur |
Publisher |
: CRC Press |
Release |
: 2018-05-04 |
File |
: 437 Pages |
ISBN-13 |
: 9780429976261 |
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BOOK EXCERPT:
Derived from the 2001 Santa Fe Institute Conference, "The Economy as an Evolving Complex System III" addresses a wide variety of issues in the fields of economics and complexity, accessing eclectic techniques from many disciplines, provided that they shed light on the economic problem. The subject, a perennial centerpiece of the SFI program of studies, has gained a wide range of followers for its methods of employing empirical evidence in the development of analytical economic theories.
Product Details :
Genre |
: Business & Economics |
Author |
: Lawrence E. Blume |
Publisher |
: Oxford University Press |
Release |
: 2006 |
File |
: 396 Pages |
ISBN-13 |
: 0195162595 |
eBook Download
BOOK EXCERPT:
A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.
Product Details :
Genre |
: Mathematics |
Author |
: W. Brian Arthur |
Publisher |
: CRC Press |
Release |
: 2018-05-04 |
File |
: 600 Pages |
ISBN-13 |
: 9780429965180 |
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BOOK EXCERPT:
This book proceeds from a meeting at the Santa Fe Institute where economists and physical and biological scientists came together to discuss a conceptual framework incorporating a more appropriate mathematics with a greatly strengthened capacity to deal simultaneously with multiple variables, nonlinearity, incomplete information and dynamical processes.
Product Details :
Genre |
: Mathematics |
Author |
: Philip W. Anderson |
Publisher |
: CRC Press |
Release |
: 2018-03-12 |
File |
: 232 Pages |
ISBN-13 |
: 9780429972478 |
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BOOK EXCERPT:
Finance, Econometrics and System Dynamics presents an overview of the concepts and tools for analyzing complex systems in a wide range of fields. The text integrates complexity with deterministic equations and concepts from real world examples, and appeals to a broad audience.
Product Details :
Genre |
: Business & Economics |
Author |
: Robert A. Meyers |
Publisher |
: Springer Science & Business Media |
Release |
: 2010-11-03 |
File |
: 919 Pages |
ISBN-13 |
: 9781441977007 |
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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
Product Details :
Genre |
: Business & Economics |
Author |
: Leigh Tesfatsion |
Publisher |
: Elsevier |
Release |
: 2006-05-15 |
File |
: 905 Pages |
ISBN-13 |
: 9780080459875 |
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BOOK EXCERPT:
This volume is a collection of articles that shape and define a new view of the economy as an evolving complex system. This view is one of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.
Product Details :
Genre |
: Business & Economics |
Author |
: W. Brian Arthur |
Publisher |
: Westview Press |
Release |
: 1997-10-05 |
File |
: 616 Pages |
ISBN-13 |
: STANFORD:36105019366827 |
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BOOK EXCERPT:
Product Details :
Genre |
: |
Author |
: W. BRIAN. ARTHUR |
Publisher |
: |
Release |
: 2019-06-14 |
File |
: 600 Pages |
ISBN-13 |
: 036709116X |
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BOOK EXCERPT:
Economics is changing. In the last few years it has generated a number of new approaches. One of the most promising - complexity economics - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on. The complexity framework, by contrast, sees the economy as always in process, always changing. People try to make sense of the situations they face using whatever reasoning they have at hand, and together create outcomes they must individually react to anew. The resulting economy is not a well-ordered machine, but a complex evolving system that is imperfect, perpetually constructing itself anew, and brimming with vitality. The new vision complements and widens the standard one, and it helps answer many questions: Why does the stock market show moods and a psychology? Why do high-tech markets tend to lock in to the dominance of one or two very large players? How do economies form, and how do they continually alter in structure over time? The papers collected here were among the first to use evolutionary computation, agent-based modeling, and cognitive psychology. They cover topics as disparate as how markets form out of beliefs; how technology evolves over the long span of time; why systems and bureaucracies get more complicated as they evolve; and how financial crises can be foreseen and prevented in the future.
Product Details :
Genre |
: Psychology |
Author |
: W. Brian Arthur |
Publisher |
: Oxford University Press |
Release |
: 2014-10-02 |
File |
: 241 Pages |
ISBN-13 |
: 9780199334315 |
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BOOK EXCERPT:
A new approach to science has recently developed. It is called the complexity approach. A number of researchers, such as Brian Arthur and Buz Brock, have used this approach to consider issues in economics. This volume considers the complexity approach to economics from a history of thought and methodological perspectives. It finds that the ideas un
Product Details :
Genre |
: Business & Economics |
Author |
: David Colander |
Publisher |
: Routledge |
Release |
: 2000-04-13 |
File |
: 435 Pages |
ISBN-13 |
: 9781134785087 |