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Complexity and Endogenous Instability

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  • Sami Al-Suwailem
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    Abstract

    The global financial crisis proved the critical impact of the gap between individual rationality and group rationality. This gap is not supposed to arise in a Neoclassical world, but it frequently arises in a world as complex as ours. The paper explores how endogenous instability might arise due to such a gap, and what behavioral rules might help to mitigate its impact.

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    File URL: http://www.assru.economia.unitn.it/files/DP_3_2012_I.pdf
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    Bibliographic Info

    Paper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1203.

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    Date of creation: 2012
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    Handle: RePEc:trn:utwpas:1203

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    Keywords: fallacy of composition; empathy; n-person prisoner’s dilemma games; n-person zero-sum games; symmetry; the golden rule.;

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    1. Mark D White, 2009. "Kantian Ethics and the Prisoners' Dilemma," Eastern Economic Journal, Palgrave Macmillan, vol. 35(2), pages 137-143.
    2. World Bank, 2001. "Finance for Growth : Policy Choices in a Volatile World," World Bank Publications, The World Bank, number 13895, August.
    3. John H. Nachbar, 2005. "Beliefs in Repeated Games," Econometrica, Econometric Society, vol. 73(2), pages 459-480, 03.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
    5. James A. Kahn & Margaret M. McConnell & Gabriel Perez-Quiros, 2002. "On the causes of the increased stability of the U.S. economy," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 183-202.
    6. Caprio, Gerard & Honohan, Patrick, 2001. "Finance for Growth: Policy Choices in a Volatile World," MPRA Paper 9929, University Library of Munich, Germany.
    7. 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.
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