Cars
Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems
- ISBN 13:
- 9781107564978
- author:
- Cars
- format:
- Paperback
- publisher:
- Cambridge University Press
- language:
- English
- Publication Year:
- 2015
- Pages:
- 272
- Dimensions:
- 24.4 x 17 x 1.4 centimetres (0.5
- Genre:
- Business, Economics, Microeconomics,
- Condition:
- New
- Availability:
- Item usually sent within 4 working days
Description
Understanding complex economic systems requires a nuanced approach to modeling human behavior. This book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems, exploring how boundedly rational interacting agents can lead to nonlinear dynamic models.
The complexity modeling paradigm has been gaining attention in recent years, particularly among policy makers seeking to better manage crises in a global economy. By examining empirical stylized facts, laboratory experiments, and the tools of bifurcations, chaos, and multiple equilibria, this book provides a framework for building more realistic behavioral models with heterogeneous expectations.
These models can help describe financial market movements and macro-economic fluctuations, offering insights into how to navigate complex economic phenomena. This book is an essential resource for students, researchers, and policy makers looking to develop a deeper understanding of complex economic systems.
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