Nonlinearity, Complexity and Randomness in Economics

Towards Algorithmic Foundations for Economics
Herausgeber: Zambelli, Stefano; George, Donald A R

• Broschiertes Buch

Produktbeschreibung

The "great crash of 2008" and its associated banking crisis have revealed the limitations of mainstream economics. Nonlinearity, Complexity and Randomness in Economics presents a variety of cutting edge papers by leading economists, scientists, and philosophers. Topics explored include nonlinear macroeconomic modelling, agent-based modelling, information-theoretic modelling of financial markets, bounded rationality, and emergent complexity. Utilizing an interdisciplinary approach the book reveals how true intellectual rigour in economics requires a basis in algorithmic, computable mathematical foundations.

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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

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Produktdetails

• Verlag: John Wiley & Sons / Wiley
• Seitenzahl: 256
• Erscheinungstermin: 30. Januar 2012
• Englisch
• Abmessung: 244mm x 170mm x 15mm
• Gewicht: 408g
• ISBN-13: 9781444350319
• ISBN-10: 1444350315
• Artikelnr.: 33841441

Autorenporträt

Stefano Zambelli is 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.

Inhaltsangabe

Notes on Contributors vii
1. Introduction 1
Stefano Zambelli
2. Towards an Algorithmic Revolution in Economic Theory 7
K. Vela Velupillai
3. An Algorithmic Information-Theoretic Approach to the Behaviour of
Financial Markets 37
Hector Zenil and Jean-Paul Delahaye
4. Complexity and Randomness in Mathematics: Philosophical Reflections on
the Relevance for Economic Modelling 69
Sundar Sarukkai
5. Behavioural Complexity 85
Sami Al-Suwailem
6. Bounded Rationality and the Emergence of Simplicity Amidst Complexity
111
Cassey Lee
7. Emergent Complexity in Agent-Based Computational Economics 131
Shu-Heng Chen and Shu G.Wang
8. Non-Linear Dynamics, Complexity and Randomness: Algorithmic Foundations
151
K. Vela Velupillai
9. Stock-Flow Interactions, Disequilibrium Macroeconomics and the Role of
Economic Policy 173
Toichiro Asada, Carl Chiarella, Peter Flaschel, Tarik Mouakil, Christian
Proäno andWilli Semmler
10. Equilibrium Versus Market Efficiency: Randomness versus Complexity in
Finance Markets 203
Joseph L. McCauley
11. Flexible Accelerator Economic Systems as Coupled Oscillators 211
Stefano Zambelli
12. Shifting Sands: Non-Linearity, Complexity and Randomness in Economics
237
Donald A.R. George
Index 241