On the Complexities of Complex Economic Dynamics
Complex economic nonlinear dynamics endogenously do not converge to a point, a limit cycle, or an explosion. Their study developed out of earlier studies of cybernetic, catastrophic, and chaotic systems. Complexity analysis stresses interactions among dispersed agents without a global controller, tangled hierarchies, adaptive learning, evolution, and novelty, and out-of-equilibrium dynamics. Complexity methods include interacting particle systems, self-organized criticality, and evolutionary game theory, to simulate artificial stock markets and other phenomena. Theoretically, bounded rationality replaces rational expectations. Complexity theory influences empirical methods and restructures policy debates.
Volume (Year): 13 (1999)
Issue (Month): 4 (Fall)
|Contact details of provider:|| Web page: https://www.aeaweb.org/jep/|
More information through EDIRC
|Order Information:||Web: https://www.aeaweb.org/subscribe.html|
References listed on IDEAS
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.:
- George J. Mailath, 1998. "Corrigenda [Do People Play Nash Equilibrium? Lessons from Evolutionary Game Theory]," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 1941-1941, December.
- Guesnerie, R., 1993.
"Successes and Failures in Coordinating Expectations,"
DELTA Working Papers
93-08, DELTA (Ecole normale supérieure).
- Guesnerie, Roger, 1993. "Successes and failures in coordinating expectations," European Economic Review, Elsevier, vol. 37(2-3), pages 243-268, April.
- William A. Brock & Steven N. Durlauf, 1995.
"Discrete Choice with Social Interactions I: Theory,"
95-10-084, Santa Fe Institute.
- Brock, W.A. & Durlauf, S.N., 1995. "Discrete Choice with Social Interactions I: Theory," Working papers 9521, Wisconsin Madison - Social Systems.
- William A. Brock & Steven N. Durlauf, 1995. "Discrete Choice with Social Interactions I: Theory," NBER Working Papers 5291, National Bureau of Economic Research, Inc.
- Stodder James, 1995. "The Evolution of Complexity in Primitive Exchange: Theory," Journal of Comparative Economics, Elsevier, vol. 20(1), pages 1-31, February.
- Kaas, Leo, 1998. "Stabilizing chaos in a dynamic macroeconomic model," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 313-332, January.
- James Stodder, 1997. "Complexity Aversion: Simplification in the Herrnstein and Allais Behaviors," Eastern Economic Journal, Eastern Economic Association, vol. 23(1), pages 1-15, Winter.
- George J. Mailath, 1998.
"Do People Play Nash Equilibrium? Lessons from Evolutionary Game Theory,"
Journal of Economic Literature,
American Economic Association, vol. 36(3), pages 1347-1374, September.
- George J. Mailath, "undated". ""Do People Play Nash Equilibrium? Lessons From Evolutionary Game Theory''," CARESS Working Papres 98-01, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
- GRANDMONT, Jean-Michel, 1997.
"Expectations formation and stability of large socioeconomic systems,"
CORE Discussion Papers
1997088, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jean-Michel Grandmont, 1998. "Expectations Formation and Stability of Large Socioeconomic Systems," Econometrica, Econometric Society, vol. 66(4), pages 741-782, July.
- Grandmont, Jean-Michel, 1994. "Expectations formation and stability of large socioeconomic systems," CEPREMAP Working Papers (Couverture Orange) 9424, CEPREMAP.
- Jean-Michel Grandmont, 1997. "Expectations Formation and Stability of Large Socioeconomic Systems," Working Papers 97-27, Centre de Recherche en Economie et Statistique.
- Baak, Saang Joon, 1999. "Tests for bounded rationality with a linear dynamic model distorted by heterogeneous expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 23(9-10), pages 1517-1543, September.
- Benhabib, Jess & Day, Richard H., 1982. "A characterization of erratic dynamics in, the overlapping generations model," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 37-55, November.
- J. Barkley Rosser, Jr. & Marina Vcherashnaya Rosser, 1997. "Complex Dynamics and Systemic Change: How Things Can Go Very Wrong," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 20(1), pages 103-122, October.
- Whang, Yoon-Jae & Linton, Oliver, 1999.
"The asymptotic distribution of nonparametric estimates of the Lyapunov exponent for stochastic time series,"
Journal of Econometrics,
Elsevier, vol. 91(1), pages 1-42, July.
- Yoon-Jae Whang & Oliver Linton, 1997. "The Asymptotic Distribution of Nonparametric Estimates of the Lyapunov Exponent for Stochastic Time Series," Cowles Foundation Discussion Papers 1130R, Cowles Foundation for Research in Economics, Yale University.
- Jean-Paul Chavas & Matthew T. Holt, 1993. "Market Instability and Nonlinear Dynamics," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(1), pages 113-120.
- J. Barkley Rosser Jr., 1998. "original: Coordination and bifurcation in growing spatial economies," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 32(1), pages 133-143.
- Heiner, Ronald A., 1989. "The origin of predictable dynamic behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 12(2), pages 233-257, October.
- Rosser, J Barkley, Jr, 1990. "Chaos Theory and the New Keynesian Economics," The Manchester School of Economic & Social Studies, University of Manchester, vol. 58(3), pages 265-291, September.
- Sorger, Gerhard, 1998. "Imperfect foresight and chaos: an example of a self-fulfilling mistake," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 363-383, January.
- Paul Davidson, 1996. "Reality and Economic Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 18(4), pages 479-508, July.
- Michael Kopel, 1997. "Improving the performance of an economic system: Controlling chaos," Journal of Evolutionary Economics, Springer, vol. 7(3), pages 269-289.
- Richard H. Day, 1994. "Complex Economic Dynamics - Vol. 1: An Introduction to Dynamical Systems and Market Mechanisms," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262041413.
- Weidlich, Wolfgang & Braun, Martin, 1992. "The Master Equation Approach to Nonlinear Economics," Journal of Evolutionary Economics, Springer, vol. 2(3), pages 233-265, October.
- Kollman, Ken & Miller, John H & Page, Scott E, 1997. "Political Institutions and Sorting in a Tiebout Model," American Economic Review, American Economic Association, vol. 87(5), pages 977-992, December.
- Bask, Mikael, 1998. "Essays on Exchange Rates: Deterministic Chaos and Technical Analysis," Umeå Economic Studies 465, Umeå University, Department of Economics.
- Joshua M. Epstein & Robert L. Axtell, 1996. "Growing Artificial Societies: Social Science from the Bottom Up," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550253.
When requesting a correction, please mention this item's handle: RePEc:aea:jecper:v:13:y:1999:i:4:p:169-192. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros)or (Michael P. Albert)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.