Modeling Complexity in Economic and Social Systems

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World Scientific, Jan 1, 2002 - Business & Economics - 391 pages
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Economics and the social sciences are, in fact, the "hard" sciences, as Herbert Simon argued, because the complexity of the problems dealt with cannot simply be reduced to analytically solvable models or decomposed into separate subprocesses. Nevertheless, in recent years, the emerging interdisciplinary "sciences of complexity" have provided new methods and tools for tackling these problems, ranging from complex data analysis to sophisticated computer simulations. In particular, advanced methods developed in the natural sciences have recently also been applied to social and economic problems.

The twenty-one chapters of this book reflect this modern development from various modeling perspectives (such as agent-based models, evolutionary game theory, reinforcement learning and neural network techniques, time series analysis, non-equilibrium macroscopic dynamics) and for a broad range of socio-economic applications (market dynamics, technological evolution, spatial dynamics and economic growth, decision processes, and agent societies). They jointly demonstrate a shift of perspective in economics and the social sciences that is allowing a new outlook in this field to emerge.

 

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Contents

Trading Behavior and Excess Volatility in Toy Markets
3
Percolation Models of Financial Market Dynamics
19
Electrodynamical Model of QuasiEfficient Financial
29
MultiAgent Market Modeling of Foreign Exchange Rates
35
Forecasting Price Increments Using an Artificial Neural
51
Spectral Regularization Data Complexity and Agent
63
Dynamics of Economic and Technological Search
79
New Results in a SelfOrganized Model of Technological
97
An Application
197
Adaptive Platform Dynamics in MultiParty Spatial
213
Subtle Nonlinearity in Popular Album Charts
231
Dynamical Aspects in the Adoption
245
Collective Choice and Mutual Knowledge Structures
273
Evolutionary Study of Interethnic Cooperation
293
Coalition Factor in the Evolution of NonKin Altruism
323
Optimal Payoff Functions for Members of Collectives
355

Firms Decision Making Process in an Evolutionary Model
109
Modelling Migration and Economic Agglomeration with
137
The Evolution of Industrial Clusters Simulating Spatial
161
The Growth Dynamics of German Business Firms
183
Human Agents Self Organizing
371
Author Index
393
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