Description: Nonlinearity, Bounded Rationality, and Heterogeneity Please note: this item is printed on demand and will take extra time before it can be dispatched to you (up to 20 working days). Some Aspects of Market Economies as Complex Systems Author(s): Tamotsu Onozaki Format: Hardback Publisher: Springer Verlag, Japan, Japan Imprint: Springer Verlag, Japan ISBN-13: 9784431549703, 978-4431549703 Synopsis 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.
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Book Title: Nonlinearity, Bounded Rationality, and Heterogeneity
Number of Pages: 220 Pages
Language: English
Publication Name: Nonlinearity, Bounded Rationality, and Heterogeneity: Some Aspects of Market Economies as Complex Systems
Publisher: Springer Verlag, Japan
Publication Year: 2018
Subject: Economics
Item Height: 235 mm
Item Weight: 524 g
Type: Textbook
Author: Tamotsu Onozaki
Item Width: 155 mm
Format: Hardcover
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