Skip to content
You are not logged in |Login  
     
Limit search to available items
Record:   Prev Next
Resources
More Information
Bestseller
BestsellerE-book
Author Hommes, Carsien Harm, author.

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

Publication Info. Cambridge : Cambridge University Press, 2013.

Item Status

Description 1 online resource (xvii, 253 pages) : illustrations
Physical Medium polychrome
Description text file
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 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"-- Provided by publisher.
Bibliography Includes bibliographical references and index.
Contents 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.
Local Note eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America
Subject Rational expectations (Economic theory)
Rational expectations (Economic theory)
Economics -- Psychological aspects.
Economics -- Psychological aspects.
Genre/Form Electronic books.
Other Form: Print version: Hommes, Carsien Harm. Behavioral rationality and heterogeneous expectations in complex economic systems. Cambridge : Cambridge University Press, 2013 9781107019294 (DLC) 2012033806 (OCoLC)809123002
ISBN 9781139625364 (electronic book)
1139625365 (electronic book)
9781139621649
1139621645
1139094270 (electronic book)
9781139094276 (electronic book)
9781283986663
1283986663
9781139616065
1139616064
9781107019294
110701929X