Nonlinearity, Complexity and Randomness in Economics

Nonlinearity, Complexity and Randomness in Economics
Author: Stefano Zambelli
Publisher: John Wiley & Sons
Total Pages: 352
Release: 2012-01-17
Genre: Business & Economics
ISBN: 1118300432

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

A Crude Look at the Whole

A Crude Look at the Whole
Author: John H. Miller
Publisher: Basic Books
Total Pages: 268
Release: 2016-01-05
Genre: Science
ISBN: 0465073867

A top expert explains why a social and economic understanding of complex systems will help society to anticipate and confront our biggest challenges Imagine trying to understand a stained glass window by breaking it into pieces and examining it one shard at a time. While you could probably learn a lot about each piece, you would have no idea about what the entire picture looks like. This is reductionism -- the idea that to understand the world we only need to study its pieces -- and it is how most social scientists approach their work. In A Crude Look at the Whole, social scientist and economist John H. Miller shows why we need to start looking at whole pictures. For one thing, whether we are talking about stock markets, computer networks, or biological organisms, individual parts only make sense when we remember that they are part of larger wholes. And perhaps more importantly, those wholes can take on behaviors that are strikingly different from that of their pieces. Miller, a leading expert in the computational study of complex adaptive systems, reveals astounding global patterns linking the organization of otherwise radically different structures: It might seem crude, but a beehive's temperature control system can help predict market fluctuations and a mammal's heartbeat can help us understand the "heartbeat" of a city and adapt urban planning accordingly. From enduring racial segregation to sudden stock market disasters, once we start drawing links between complex systems, we can start solving what otherwise might be totally intractable problems. Thanks to this revolutionary perspective, we can finally transcend the limits of reductionism and discover crucial new ideas. Scientifically founded and beautifully written, A Crude Look at the Whole is a powerful exploration of the challenges that we face as a society. As it reveals, taking the crude look might be the only way to truly see.

Chaos, Complexity, And Nonlinear Economic Theory

Chaos, Complexity, And Nonlinear Economic Theory
Author: Wei-bin Zhang
Publisher: World Scientific
Total Pages: 228
Release: 2023-05-17
Genre: Mathematics
ISBN: 981126743X

What do economic chaos and uncertainties mean in rational or irrational economic theories? How do simple deterministic interactions among a few variables lead to unpredictable complex phenomena? Why is complexity of economies causing so many conflicts and confusions worldwide?This book provides a comprehensive introduction to recent developments of complexity theory in economics. It presents different models based on well-accepted economic mechanisms such as the Solow model, Ramsey model, and Lucas model. It is focused on presenting complex behaviors, such as business cycles, aperiodic motion, bifurcations, catastrophes, chaos, and hidden attractors, in basic economic models with nonlinear behavior. It shows how complex nonlinear phenomena are identified from various economic mechanisms and theories. These models demonstrate that the traditional or dominant economic views on evolution of, for instance, capitalism market, free competition, or Keynesian economics, are not generally valid. Markets are unpredictable and nobody knows with certainty the consequences of policies or other external factors in economic systems with simple interactions.

Complexity in Economic and Social Systems

Complexity in Economic and Social Systems
Author: Stanisław Drożdż
Publisher: MDPI
Total Pages: 534
Release: 2021-05-11
Genre: Business & Economics
ISBN: 3036507949

There is no term that better describes the essential features of human society than complexity. On various levels, from the decision-making processes of individuals, through to the interactions between individuals leading to the spontaneous formation of groups and social hierarchies, up to the collective, herding processes that reshape whole societies, all these features share the property of irreducibility, i.e., they require a holistic, multi-level approach formed by researchers from different disciplines. This Special Issue aims to collect research studies that, by exploiting the latest advances in physics, economics, complex networks, and data science, make a step towards understanding these economic and social systems. The majority of submissions are devoted to financial market analysis and modeling, including the stock and cryptocurrency markets in the COVID-19 pandemic, systemic risk quantification and control, wealth condensation, the innovation-related performance of companies, and more. Looking more at societies, there are papers that deal with regional development, land speculation, and the-fake news-fighting strategies, the issues which are of central interest in contemporary society. On top of this, one of the contributions proposes a new, improved complexity measure.

Foundations of Complex-system Theories

Foundations of Complex-system Theories
Author: Sunny Y. Auyang
Publisher: Cambridge University Press
Total Pages: 422
Release: 1998
Genre: Business & Economics
ISBN: 9780521778268

Analyzes approaches to the study of complexity in the physical, biological, and social sciences.

Complexity in Economics: Cutting Edge Research

Complexity in Economics: Cutting Edge Research
Author: Marisa Faggini
Publisher: Springer
Total Pages: 250
Release: 2014-06-26
Genre: Business & Economics
ISBN: 3319051857

In this book, leading experts discuss innovative components of complexity theory and chaos theory in economics. The underlying perspective is that investigations of economic phenomena should view these phenomena not as deterministic, predictable and mechanistic but rather as process dependent, organic and always evolving. The aim is to highlight the exciting potential of this approach in economics and its ability to overcome the limitations of past research and offer important new insights. The book offers a stimulating mix of theory, examples and policy. By casting light on a variety of topics in the field, it will provide an ideal platform for researchers wishing to deepen their understanding and identify areas for further investigation.

Complex and Chaotic Nonlinear Dynamics

Complex and Chaotic Nonlinear Dynamics
Author: Thierry Vialar
Publisher: Springer Science & Business Media
Total Pages: 752
Release: 2009-04-26
Genre: Business & Economics
ISBN: 3540859780

Complex dynamics constitute a growing and increasingly important area as they offer a strong potential to explain and formalize natural, physical, financial and economic phenomena. This book pursues the ambitious goal to bring together an extensive body of knowledge regarding complex dynamics from various academic disciplines. Beyond its focus on economics and finance, including for instance the evolution of macroeconomic growth models towards nonlinear structures as well as signal processing applications to stock markets, fundamental parts of the book are devoted to the use of nonlinear dynamics in mathematics, statistics, signal theory and processing. Numerous examples and applications, almost 700 illustrations and numerical simulations based on the use of Matlab make the book an essential reference for researchers and students from many different disciplines who are interested in the nonlinear field. An appendix recapitulates the basic mathematical concepts required to use the book.

Thinking in Complexity

Thinking in Complexity
Author: Klaus Mainzer
Publisher: Springer Science & Business Media
Total Pages: 466
Release: 2013-03-09
Genre: Science
ISBN: 3662053640

This new edition also treats smart materials and artificial life. A new chapter on information and computational dynamics takes up many recent discussions in the community.

An Economic Theory of Cities

An Economic Theory of Cities
Author: Wei-Bin Zhang
Publisher: Springer Science & Business Media
Total Pages: 234
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3642560601

Over more than two centuries the developmentofeconomic theory has created a wide array of different concepts, theories, and insights. My recent books, Capital and Knowledge (Zhang, 1999) and A TheoryofInternational Trade (Zhang, 2000) show how separate economic theories such as the Marxian economics, the Keynesian economics, the general equilibrium theory, the neoclassical growth theory, and the neoclassical trade theory can be examined within a single theoretical framework. This book isto further expand the frameworkproposed in the previous studies. This book is a part of my economic theory with endogenous population, capital, knowledge, preferences, sexual division of labor and consumption, institutions, economic structures and exchange values over time and space (Zhang, 1996a). As an extension of the Capital and Knowledge, which is focused on the dynamics of national economies, this book is to construct a theory of urban economies. We are concerned with dynamic relations between division of labor, division ofconsumption and determination of prices structure over space. We examine dynamic interdependence between capital accumulation, knowledge creation and utilization, economicgrowth, price structuresand urban pattern formation under free competition. The theory is constructed on the basisofa few concepts within a compact framework. The comparative advantage of our theory is that in providing rich insights into complex of spatial economies it uses only a few concepts and simplified functional forms and accepts a few assumptions about behavior of consumers, producers, and institutionalstructures.