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Behavioral rationality and heterogeneous expectations in complex economic systems

Author: Carsien Harm Hommes
Publisher: Cambridge : Cambridge University Press, 2013.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"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  Read more...
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Details

Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Carsien Harm Hommes
ISBN: 9781107019294 110701929X
OCLC Number: 809123002
Description: xvii, 253 pages ; 26 cm
Contents: Introduction --
Bifurcations and chaos in 1-D systems --
Bifurcations and strange attractors in 2-D systems --
The nonlinear cobweb model --
The cobweb model with heterogeneous expectations --
An asset pricing model with heterogeneous beliefs --
Empirical validation --
Laboratory experiments.
Responsibility: Cars Hommes, University of Amsterdam center of nonlinear dynamics in economics and finance (CeNDEF), Amsterdam school of Economics and Tinbergen Institute.

Abstract:

Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.  Read more...
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'Professor Hommes' work is a major contribution to the understanding of intertemporal economic fluctuations. In a world in which production and investment behavior is motivated by expectations of the Read more...

 
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