Buch, Englisch, 296 Seiten, Format (B × H): 161 mm x 240 mm, Gewicht: 673 g
Essays on Economic Complexity and Dynamics in Interactive Systems
Buch, Englisch, 296 Seiten, Format (B × H): 161 mm x 240 mm, Gewicht: 673 g
Reihe: Princeton Studies in Complexity
ISBN: 978-0-691-02676-3
Verlag: Princeton University Press
Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems. Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality.Albin has analyzed economic systems as interactions of highly complex components (i.e., intelligent human beings). He uses the theories of generative linguistics and cellular automata to establish that the complexity level of economic systems is, in principle at least, that of a Turing machine or general-purpose computer, establishing that classic economic approaches to the problems of household and firm choice, macroeconomic prediction, and policy evaluation may give rise to undecidable propositions and uncomputable functions. He develops simple models of dynamic economic interaction based on cellular automata which illustrate the inherent complexity of economic interactions and the resulting challenge they pose to traditional theories of rational economic behavior. These models explore the dynamics of the business cycle, decentralized market trading, and the emergence of cooperation in a novel local-interaction version of the repeated prisoners' dilemma game. Albin's work provides a unique and important perspective on economic systems.
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Weitere Infos & Material
PrefaceAcknowledgments1Introduction32The Metalogic of Economic Predictions, Calculations, and Propositions733Microeconomic Foundations of Cyclical Irregularities or "Chaos"1054Qualitative Effects of Monetary Policy in "Rich" Dynamic Systems1375Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study1576Approximations of Cooperative Equilibria in Multiperson Prisoners' Dilemma Played by Cellular Automata1817The Complexity of Social Groups and Social Systems Described by Graph Structures210Works Cited243Index251
