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.
General
Imprint: |
Princeton University Press
|
Country of origin: |
United States |
Series: |
Princeton Studies in Complexity |
Release date: |
April 1998 |
First published: |
April 1998 |
Authors: |
Peter Albin
|
Editors: |
Duncan K Foley
|
Dimensions: |
235 x 152 x 29mm (L x W x T) |
Format: |
Hardcover - Trade binding
|
Pages: |
296 |
Edition: |
New |
ISBN-13: |
978-0-691-02676-3 |
Categories: |
Books >
Business & Economics >
Economics >
Economic theory & philosophy
|
LSN: |
0-691-02676-9 |
Barcode: |
9780691026763 |
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