Nonlinearity, Bounded Rationality, and Heterogeneity

Some Aspects of Market Economies as Complex Systems

Business & Finance, Economics, Theory of Economics
Cover of the book Nonlinearity, Bounded Rationality, and Heterogeneity by Tamotsu Onozaki, Springer Japan
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Tamotsu Onozaki ISBN: 9784431549710
Publisher: Springer Japan Publication: January 28, 2018
Imprint: Springer Language: English
Author: Tamotsu Onozaki
ISBN: 9784431549710
Publisher: Springer Japan
Publication: January 28, 2018
Imprint: Springer
Language: English

This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.

More books from Springer Japan

Cover of the book Reproductive and Developmental Strategies by Tamotsu Onozaki
Cover of the book Systemic Sclerosis by Tamotsu Onozaki
Cover of the book Mental Health and Social Issues Following a Nuclear Accident by Tamotsu Onozaki
Cover of the book Medaka by Tamotsu Onozaki
Cover of the book Island Futures by Tamotsu Onozaki
Cover of the book Fifty Years of Cytochrome P450 Research by Tamotsu Onozaki
Cover of the book Advanced Monitoring and Numerical Analysis of Coastal Water and Urban Air Environment by Tamotsu Onozaki
Cover of the book Geospatial Technologies and Geography Education in a Changing World by Tamotsu Onozaki
Cover of the book Functional Evaluation of Stroke Patients by Tamotsu Onozaki
Cover of the book Iron-Catalyzed Synthesis of Fused Aromatic Compounds via C–H Bond Activation by Tamotsu Onozaki
Cover of the book The Political Economy of Asian Regionalism by Tamotsu Onozaki
Cover of the book Digital Endocasts by Tamotsu Onozaki
Cover of the book Sustainable Urban Transport in an Asian Context by Tamotsu Onozaki
Cover of the book Myopia and Glaucoma by Tamotsu Onozaki
Cover of the book Seasonality and Microcredit by Tamotsu Onozaki
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy