The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.
Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems
Abstract
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.
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Citations
Cites
Judgment under Uncertainty: Heuristics and Biases
Tversky, A., & Kahneman, D. (1975) · Utility, Probability, and Human Decision Making · doi:10.1007/978-94-010-1834-0_8 · Cited by 22,650
Simple mathematical models with very complicated dynamics
May, R. M. (1976) · Nature · doi:10.1038/261459a0 · Cited by 7,001
On the psychology of prediction.
Kahneman, D., & Tversky, A. (1973) · Psychological Review · doi:10.1037/h0034747 · Cited by 6,202
Maps of Bounded Rationality: Psychology for Behavioral Economics
Kahneman, D. (2003) · American Economic Review · doi:10.1257/000282803322655392 · Cited by 5,377
Simple technical trading rules and the stochastic properties of stock returns
BROCK, W., LAKONISHOK, J., & LeBARON, B. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04681.x · Cited by 2,301
Whom or What Does the Representative Individual Represent?
Kirman, A. P. (1992) · Journal of Economic Perspectives · doi:10.1257/jep.6.2.117 · Cited by 1,595
Cited by
Complexity theory and financial regulation
Battiston, S., Farmer, J. D., Flache, A., Garlaschelli, D., Haldane, A. G., Heesterbeek, H., Hommes, C., Jaeger, C., May, R., & Scheffer, M. (2016) · Science · doi:10.1126/science.aad0299 · Cited by 508
Self-citationValidation of Agent-Based Models in Economics and Finance
Fagiolo, G., Guerini, M., Lamperti, F., Moneta, A., & Roventini, A. (2019) · Simulation Foundations, Methods and Applications · doi:10.1007/978-3-319-70766-2_31 · Cited by 300
Metadata
- Authors
- Hommes, C.
- Venue
- Cambridge University Press eBooks
- Publisher
- Cambridge University Press
- Published
- 2013-01-24
- OpenAlex
- W1923681097
- Cited by
- 392
- References
- 6
- FWCI
- 43.95
- Type
- book
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
