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| Author | : Cars Hommes |
| Publisher | : Cambridge University Press |
| Total Pages | : 273 |
| Release | : 2013-01-24 |
| Genre | : Business & Economics |
| ISBN | : 110701929X |
Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.
| Author | : Peter J. N. Sinclair |
| Publisher | : Routledge |
| Total Pages | : 402 |
| Release | : 2009-12-16 |
| Genre | : Business & Economics |
| ISBN | : 1135179778 |
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
| Author | : Cars Hommes |
| Publisher | : Cambridge University Press |
| Total Pages | : 273 |
| Release | : 2013-01-24 |
| Genre | : Business & Economics |
| ISBN | : 1139619780 |
Recognising that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments. The complexity modeling paradigm has been strongly advocated since the late 1980s by some economists and by multidisciplinary scientists from various fields, such as physics, computer science and biology. More recently the complexity view has also drawn the attention of policy makers, who are faced with complex phenomena, irregular fluctuations and sudden, unpredictable market transitions. The complexity tools - bifurcations, chaos, multiple equilibria - discussed in this book will help students, researchers and policy makers to build more realistic behavioral models with heterogeneous expectations to describe financial market movements and macro-economic fluctuations, in order to better manage crises in a complex global economy.
| Author | : Mark Gertler |
| Publisher | : MIT Press |
| Total Pages | : 436 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : 9780262572217 |
The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.
| Author | : Ian Ayres |
| Publisher | : ReadHowYouWant.com |
| Total Pages | : 358 |
| Release | : 2010-05 |
| Genre | : Business & Economics |
| ISBN | : 1458758427 |
Diversification provides a well-known way of getting something close to a free lunch: by spreading money across different kinds of investments, investors can earn the same return with lower risk (or a much higher return for the same amount of risk). This strategy, introduced nearly fifty years ago, led to such strategies as index funds. What if we were all missing out on another free lunch that’s right under our noses? InLifecycle Investing, Barry Nalebuff and Ian Ayres-two of the most innovative thinkers in business, law, and economics-have developed tools that will allow nearly any investor to diversify their portfolios over time. By using leveraging when young-a controversial idea that sparked hate mail when the authors first floated it in the pages ofForbes-investors of all stripes, from those just starting to plan to those getting ready to retire, can substantially reduce overall risk while improving their returns. InLifecycle Investing, readers will learn How to figure out the level of exposure and leverage that’s right foryou How the Lifecycle Investing strategy would have performed in the historical market Why it will work even if everyone does it Whennotto adopt the Lifecycle Investing strategy Clearly written and backed by rigorous research,Lifecycle Investingpresents a simple but radical idea that will shake up how we think about retirement investing even as it provides a healthier nest egg in a nicely feathered nest.
| Author | : Richard Thomas Curtin |
| Publisher | : Cambridge University Press |
| Total Pages | : |
| Release | : 2019-02-07 |
| Genre | : Business & Economics |
| ISBN | : 1108576931 |
Richard Curtin has directed the University of Michigan's consumer sentiment surveys for more than four decades. His analyses of recent trends in consumer expectations are regularly covered in the worldwide press. In this book, Curtin presents a new theory of expectations. Whereas conventional theories presume that consumers play a passive role in the macro economy, simply reacting to current trends in incomes, prices, and interest rates, Curtin proposes a new empirically consistent theory. He argues that expectations are formed by an automatic process that utilizes conscious and nonconscious processes, passion and reason, information from public and private sources, and social networks. Consumers ultimately reach a decision that serves both the micro decision needs of individuals and reflects the common influence of the macro environment. Drawing on empirical observations, Curtin not only demonstrates the importance of consumer sentiment, but also how it can foreshadow the cyclical turning points in the economy.
| Author | : Domenico Delli Gatti |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 302 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642570054 |
This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.
| Author | : Maurizio Bovi |
| Publisher | : Springer Nature |
| Total Pages | : 195 |
| Release | : 2022-03-28 |
| Genre | : Business & Economics |
| ISBN | : 3030938859 |
Trading, forecasting, aggregating, and innovating (the Four) are key social interactions in human life at both the individual and aggregate levels. They are part of the human fabric because they stem from mankind’s peculiarities—heterogeneity, inclination to forecast, sociality, and inventiveness. But humans have multifaceted behavior, too. They are capable of having contradictory impulses towards one another, integrating and disintegrating as well as cooperating and dominating, and behaving prosocially and anti-socially. Hence, humans need to organize themselves in order to maintain, improve, and extend their social interactions as well as a safe and ordered life. Crucial intersections emerge naturally—the efficiency of humans’ way of tackling the Four is a joint product of economic systems, institutions, and behaviors. All told, the main idea of this book is to include in a single tour a collection of insights on why and how humans implement the Four. The narrative highlights several connections as well as how key these businesses are as the traveler is escorted through some Four-related behavioral problems and institutional solutions that humans have been, respectively, facing and elaborating over time. Economics students may exploit this book by both inserting what they are learning from textbooks into a wider framework and enjoying some of the hints revealed by the grand social theorizing of giants such as A. Smith and J. Schumpeter. But the proposed tour may also attract outsiders to economics who are curious about disparate economic themes linked to the Four but who wish to gain an overview without engaging in longer readings.
| Author | : Kenneth Gibb |
| Publisher | : Taylor & Francis |
| Total Pages | : 351 |
| Release | : 2024-02-29 |
| Genre | : Architecture |
| ISBN | : 1003834876 |
The Routledge Handbook of Housing Economics brings together an international panel of contributors to present a comprehensive overview of this important field within economics. Housing occupies an increasingly central role in modern society, dominating consumer assets and spending, forming an important part of social policy and being a large enough market to impact the macroeconomy. This handbook tackles these themes, along with other critical issues such as intergenerational housing inequality and the efficiency and social justice of housing interventions. This volume is structured in four main parts. It starts with eight chapters in microeconomics and housing. This is followed by two shorter sections on macroeconomics and finance. The final main part of the book is concerned with eight chapters on policy dimensions. While many of the chapters are rooted in mainstream economics and finance applied to housing, there are also chapters stressing institutional, behavioural and political economy orientations, as well as those that explicitly challenge more mainstream accounts. The contributing authors are based in Europe, North America and Australia and all draw in international literature to provide state of the art reviews of their topics. This carefully curated handbook will be essential reading for advanced students, researchers and policy makers in housing economics, urban economics, urban planning, public economics and real estate economics and finance. Chapter 22 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.
| Author | : Cars Hommes |
| Publisher | : Elsevier |
| Total Pages | : 836 |
| Release | : 2018-06-27 |
| Genre | : Business & Economics |
| ISBN | : 0444641327 |
Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. - Helps readers fully understand the dynamic properties of realistically rendered economic systems - Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions - Provides broad assessments that can lead researchers to recognize new synergies and opportunities
