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.

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Yes, you can access The Economy As An Evolving Complex System II by W. Brian Arthur, Steven N Durlauf, David Lane in PDF and/or ePUB format, as well as other popular books in Matemáticas & Matemáticas general. We have over one million books available in our catalogue for you to explore.

Information

Publisher

CRC Press

Year

2018

ISBN

9780429976261

Edition

Topic

Matemáticas

Subtopic

Matemáticas general

Index

academic viewpoint, 16

vs. trader viewpoint, 16

adaptation, 5, 47–49, 51, 78, 331, 397, 407, 465, 468, 495–496

adaptive belief

evolution of, 418

modeling of, 402, 416

systems, 402, 409, 412

models of, 402

adaptive computational models, 484

adaptive equilibrium dynamics, 418

adaptive political parties, 465, 469

behavior, 465–466, 471

model, 478, 482

adaptive rational equilibrium dynamics (ARED), 417

agent matching, 154

agent/artifact space, 174, 182–183, 185–187, 189, 191–192, 194, 197

structural changes, 182–183, 185–186, 197

structural instability, 188

agent-based models, 10–11

agent-based trade network game (TNG), 561 See also trade network game

agglomeration, 239, 248, 250, 252

agglomeration economies, 246–247

aggregate behavior, 492, 502, 504, 516, 524

aggregative macroeconometrics, 388

altruism, 216

amortizing mortgage, 288

Anderson, P. W., 12

anisotropic models, 146, 148

anisotropic settings, 138, 160

annealing, 477, 484

annealing algorithm, 464

anonymous endogenous interactions, 370–371, 374

defined, 370–371

arbitrage pricing model (APT), 19, 404

Arrow-Debreu, 304, 333–334

economy, 301

equilibrium, 300, 308–310, 312

model, 130, 143–145, 264, 497

ext...

Cover
Half Title
Title Page
Copyright Page
Table of Contents
Introduction
Asset Pricing Under Endogenous Expectations in an Artificial Stock Market
Natural Rationality
Statistical Mechanics Approaches to Socioeconomic Behavior
Is What Is Good for Each Best for All? Learning From Others in the Information Contagion Model
Evolution of Trading Structures
Foresight, Complexity, and Strategy
The Emergence of Simple Ecologies of Skill
Some Fundamental Puzzles in Economic History/Development
How the Economy Organizes Itself in Space: A Survey of the New Economic Geography
Time and Money
Promises Promises
Macroeconomics and Complexity: Inflation Theory
Evolutionary Dynamics in Game-Theoretic Models
Identification of Anonymous Endogenous Interactions
Asset Price Behavior in Complex Environments
Population Games
Computational Political Economy
The Economy as an Interactive System
How Economists Can Get ALife
Some Thoughts About Distribution in Economics
Index