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This title brings together frontier research on complex economic
systems, heterogeneous interacting agents, bounded rationality, and
nonlinear dynamics in economics. The book contains the proceedings
of the CEF2015 (21st Computing in Economics in Finance), held 20-22
June 2015 in Taipei, Taiwan, and addresses some of the important
driving forces for various emergent properties in economies, when
viewed as complex systems. The breakthroughs reported in this book
are a result of an interdisciplinary approach and simulation
remains the unifying theme for these papers as they deal with a
wide range of topics in economics. The text is a valuable addition
to the efforts in promoting the complex systems view in economic
science. The computational experiments reported in the book are
both transparent and replicable. Complex System Modeling and
Simulation in Economics and Finance is useful for graduate courses
of complex systems, with particular focus on economics and finance.
At the same time it serves as a good overview for researchers who
are interested in the topic.
This book presents frontier research on the use of computational
methods to model complex interactions in economics and finance.
Artificial Intelligence, Machine Learning and simulations offer
effective means of analyzing and learning from large as well as new
types of data. These computational tools have permeated various
subfields of economics, finance, and also across different schools
of economic thought. Through 16 chapters written by pioneers in
economics, finance, computer science, psychology, complexity and
statistics/econometrics, the book introduces their original
research and presents the findings they have yielded. Theoretical
and empirical studies featured in this book draw on a variety of
approaches such as agent-based modeling, numerical simulations,
computable economics, as well as employing tools from artificial
intelligence and machine learning algorithms. The use of
computational approaches to perform counterfactual thought
experiments are also introduced, which help transcend the limits
posed by traditional mathematical and statistical tools. The book
also includes discussions on methodology, epistemology, history and
issues concerning prediction, validation, and inference, all of
which have become pertinent with the increasing use of
computational approaches in economic analysis.
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