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Computability and Evolutionary Complexity: Markets as Complex Adaptive Systems (CAS)

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Sheri M. Markose

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Abstract

Few will argue that the epi-phenomena of biological systems and socio-economic systems are anything but complex. The purpose of this Feature is to examine critically and contribute to the burgeoning multi-disciplinary literature on markets as complex adaptive systems (CAS). The new sciences of complexity, the principles of self-organisation and emergence along with the methods of evolutionary computation and artificially intelligent agent models have been developed in a multi-disciplinary fashion. The cognoscenti here consider that complex systems whether natural or artificial, physical, biological or socio-economic can be characterised by a unifying set of principles. Further, it is held that these principles mark a paradigm shift from earlier ways of viewing such phenomenon. Copyright 2005 Royal Economic Society.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2005.01000.x
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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 115 (2005)
Issue (Month): 504 (06)
Pages: F159-F192
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Handle: RePEc:ecj:econjl:v:115:y:2005:i:504:p:f159-f192

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  15. repec:cup:macdyn:v:4:y:2000:i:3:p:373-414 is not listed on IDEAS
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fontana Magda & Ferraris Gianluigi, 2006. "Managing knowlwdge in agent-based models: theoretical and methodological issues," Department of Economics Working Papers 200603, University of Turin. [Downloadable!]
  2. Sheri Markose & Amadeo Alentorn & Andreas Krause, 2004. "Dynamic Learning, Herding and Guru Effects in Networks," Economics Discussion Papers 582, University of Essex, Department of Economics. [Downloadable!]
  3. Fontana Magda, 2008. "The complexity approach to economics : a Paradigm shift," CESMEP Working Papers 200801, University of Turin. [Downloadable!]
  4. Resende, Marcelo / Zeidan, Rodrigo M., 2007. "Lionel Robbins: A Methodological Reappraisal," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  5. U. Witt, 2007. "Novelty and the Bounds of Unknowledge in Economics," Papers on Economics and Evolution 2007-07, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
  6. Prof John Foster, 2004. "From Simplistic to Complex Systems in Economics," Discussion Papers Series 335, School of Economics, University of Queensland, Australia. [Downloadable!]
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