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Mathematical analysis of Soros's theory of reflexivity

  • C. P. Kwong
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    The mathematical model proposed by George Soros for his theory of reflexivity is analyzed under the framework of discrete dynamical systems. We show the importance of the notion of fixed points for explaining the behavior of a reflexive system governed by its cognitive and manipulative functions. The interrelationship between these two functions induces fixed points with different characteristics, which in turn generate various system behaviors including the so-called "boom then bust" phenomenon in Soros's theory.

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    File URL: http://arxiv.org/pdf/0901.4447
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    Paper provided by arXiv.org in its series Papers with number 0901.4447.

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    Date of creation: Jan 2009
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    Handle: RePEc:arx:papers:0901.4447
    Contact details of provider: Web page: http://arxiv.org/

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    1. K. Vela Velupillai, 2005. "The unreasonable ineffectiveness of mathematics in economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 849-872, November.
    2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    3. Frankel, Jeffrey A, 1979. "On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials," American Economic Review, American Economic Association, vol. 69(4), pages 610-22, September.
    4. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
    5. Beed, Clive & Kane, Owen, 1991. "What Is the Critique of the Mathematization of Economics?," Kyklos, Wiley Blackwell, vol. 44(4), pages 581-612.
    6. Debreu, Gerard, 1991. "The Mathematization of Economic Theory," American Economic Review, American Economic Association, vol. 81(1), pages 1-7, March.
    7. Cross, Rod & Strachan, Douglas, 1997. "On George Soros and Economic Analysis," Kyklos, Wiley Blackwell, vol. 50(4), pages 561-74.
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