The overall aim of this book, an outcome of the European FP7 FET Open NESS project, is to contribute to the ongoing effort to put the quantitative social sciences on a proper footing for the 21st century. A key focus is economics, and its implications on policy making, where the still dominant traditional approach increasingly struggles to capture the economic realities we observe in the world today - with vested interests getting too often in the way of real advances. Insights into behavioral economics and modern computing techniques have made possible both the integration of larger information sets and the exploration of disequilibrium behavior. The domain-based chapters of this work illustrate how economic theory is the only branch of social sciences which still holds to its old paradigm of an equilibrium science - an assumption that has already been relaxed in all related fields of research in the light of recent advances in complex and dynamical systems theory and related data mining. The other chapters give various takes on policy and decision making in this context. Written in nontechnical style throughout, with a mix of tutorial and essay-like contributions, this book will benefit all researchers, scientists, professionals and practitioners interested in learning about the 'thinking in complexity' to understand how socio-economic systems really work.

The overall aim of this book, an outcome of the European FP7 FET Open NESS project, is to contribute to the ongoing effort to put the quantitative social sciences on a proper footing for the 21st century. A key focus is economics, and its implications on policy making, where the still dominant traditional approach increasingly struggles to capture the economic realities we observe in the world today - with vested interests getting too often in the way of real advances. Insights into behavioral economics and modern computing techniques have made possible both the integration of larger information sets and the exploration of disequilibrium behavior. The domain-based chapters of this work illustrate how economic theory is the only branch of social sciences which still holds to its old paradigm of an equilibrium science - an assumption that has already been relaxed in all related fields of research in the light of recent advances in complex and dynamical systems theory and related data mining. The other chapters give various takes on policy and decision making in this context. Written in nontechnical style throughout, with a mix of tutorial and essay-like contributions, this book will benefit all researchers, scientists, professionals and practitioners interested in learning about the 'thinking in complexity' to understand how socio-economic systems really work.

The Minority Game is a physicist's attempt to explain market behaviour by the interaction between traders. With a minimal set of ingredients and drastic assumptions, this model reproduces market ecology among different types of traders. Its emphasis is on speculative trading and information flow. The book first describes the philosophy lying behind the conception of the Minority Game in 1997, and includes in particular a discussion about the El Farol bar problem. It then reviews the main steps in later developments, including both the theory and its applications to market phenomena. 'Minority Games' gives a colourful and stylized, but also realistic picture of how financial markets operate.

The Minority Game is a physicist's attempt to explain market behaviour by the interaction between traders. With a minimal set of ingredients and drastic assumptions, this model reproduces market ecology among different types of traders. Its emphasis is on speculative trading and information flow. The book first describes the philosophy lying behind the conception of the Minority Game in 1997, and includes in particular a discussion about the El Farol bar problem. It then reviews the main steps in later developments, including both the theory and its applications to market phenomena. 'Minority Games' gives a colourful and stylized, but also realistic picture of how financial markets operate.

To understand the bewildering complexities of consumer markets and financial markets, you'll need to look beyond traditional textbooks. This book aims to better understanding of current markets through studying the implications of living in an information age. It examines the impacts that information has on how markets function, and presents a novel market theory in which information takes centre stage when analyzing how the economy functions and evolves. It depicts markets with three categories of actors (consumers, businesses, and information intermediaries), and predicts the growing importance of the role of information intermediaries, or 'matchmakers', as facilitators of transactions between consumers and businesses. Matchmakers and Markets will guide readers to reflect on their own role in the economy. It provides numerous scenarios and examples from the real-world economy, enabling readers to ask new questions and draw their own conclusions. The aim of this book is to stimulate the reader's own thinking, whether a consumer on the high street, or an investor on Wall Street, a policy maker in the government armchair, or an entrepreneur dreaming to make the next big thing in the world. This book will stir up discussion and debate as the claims and conclusions move away from mainstream theories.