Recognising that the economy is a complex system with boundedly
rational interacting agents, the book presents a theory of
behavioral rationality and heterogeneous expectations in complex
economic systems and confronts the nonlinear dynamic models with
empirical stylized facts and laboratory experiments. The complexity
modeling paradigm has been strongly advocated since the late 1980s
by some economists and by multidisciplinary scientists from various
fields, such as physics, computer science and biology. More
recently the complexity view has also drawn the attention of policy
makers, who are faced with complex phenomena, irregular
fluctuations and sudden, unpredictable market transitions. The
complexity tools - bifurcations, chaos, multiple equilibria -
discussed in this book will help students, researchers and policy
makers to build more realistic behavioral models with heterogeneous
expectations to describe financial market movements and
macro-economic fluctuations, in order to better manage crises in a
complex global economy.
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