Behavioral rationality and heterogeneous expectations in complex economic systems / / Cars Hommes

• Record Nr.: UNINA9910822897403321
• Autore: Hommes Carsien Harm
• Pubbl/distr/stampa: Cambridge ; ; New York, : Cambridge University Press, 2013
• ISBN: 1-139-61048-1; 1-107-23551-0; 1-139-60885-1; 1-139-61234-4; 1-139-62164-5; 1-283-98666-3; 1-139-62536-5; 1-139-09427-0; 1-139-61606-4
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (xvii, 253 pages) : digital, PDF file(s)
• Classificazione: BUS044000
• Disciplina: 330
• Soggetti: Rational expectations (Economic theory); Economics - Psychological aspects
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Title from publisher's bibliographic system (viewed on 05 Oct 2015).
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Machine generated contents note: 1. Introduction; 2. Bifurcations and chaos in 1-D systems; 3. Bifurcations and strange attractors in 2-D systems; 4. The nonlinear cobweb model; 5. The cobweb model with heterogeneous expectations; 6. An asset pricing model with heterogeneous beliefs; 7. Empirical validation; 8. Laboratory experiments.
• Sommario/riassunto: 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.