Nonlinearity, Bounded Rationality, and Heterogeneity

Some Aspects of Market Economies as Complex Systems

Tamotsu Onozaki (Autor)

Buch | Hardcover

220 Seiten

2018 | 1st ed. 2018
Springer Verlag, Japan
978-4-431-54970-3 (ISBN)

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This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.

Part I NONLINEAR ECONOMIC DYNAMICS Chapter 1 The Nature and Significance of Nonlinear Economic Dynamics Chapter 2 One-Dimensional Nonlinear Cobweb Model with Adaptive Production Adjustment Chapter 3 Two-Dimensional Nonlinear Cobweb Model with Heterogeneous Producers Chapter 4 N-Dimensional Globally Coupled Map of Nonlinear Cobweb Model Part II AGENT-BASED SIMULATION Chapter 5 From Nonlinear Economic Dynamics to Complexity Economics Chapter 6 Agent-Based Simulation Model of Market Structure Dynamics I Chapter 7 Agent-Based Simulation Model of Market Structure Dynamics II

Erscheint lt. Verlag	7.2.2018
Zusatzinfo	22 Illustrations, color; 58 Illustrations, black and white; XIII, 220 p. 80 illus., 22 illus. in color.
Verlagsort	Tokyo
Sprache	englisch
Maße	155 x 235 mm
Themenwelt	Wirtschaft ► Allgemeines / Lexika
	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
	Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
Schlagworte	agent-based simulation • Bounded Rationality • Complexity • Heterogeneity • Nonlinear Dynamics
ISBN-10	4-431-54970-6 / 4431549706
ISBN-13	978-4-431-54970-3 / 9784431549703
Zustand	Neuware