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Complexity and Endogenous Instability

  • Sami Al-Suwailem
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    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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    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
    Date of revision:
    Handle: RePEc:trn:utwpas:1203
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    1. Caprio, Gerard & Honohan, Patrick, 2001. "Finance for Growth: Policy Choices in a Volatile World," MPRA Paper 9929, University Library of Munich, Germany.
    2. repec:cup:cbooks:9780521871358 is not listed on IDEAS
    3. 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.
    4. John H. Nachbar, 2003. "Beliefs in Repeated Games," ISER Discussion Paper 0597, Institute of Social and Economic Research, Osaka University.
    5. World Bank, 2001. "Finance for Growth : Policy Choices in a Volatile World," World Bank Publications, The World Bank, number 13895.
    6. 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.
    7. repec:cup:cbooks:9780521133388 is not listed on IDEAS
    8. Mark D White, 2009. "Kantian Ethics and the Prisoners' Dilemma," Eastern Economic Journal, Palgrave Macmillan, vol. 35(2), pages 137-143.
    9. 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.
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