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  • 1
    Online-Ressource
    Online-Ressource
    Behavioral rationality and heterogeneous expectations in complex economic systems (2013)
    Cambridge : Cambridge University Press
    Details
    UID:
    gbv_883405202
    Umfang: 1 Online-Ressource (xvii, 253 pages) , digital, PDF file(s)
    ISBN: 9781139094276
    Inhalt: 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
    Inhalt: Machine generated contents note: 1. Introduction; 2. Bifurcations and chaos in 1-D systems; 3. Bifurcations and strange attractors in 2-D systems; 4. The nonlinear cobweb model; 5. The cobweb model with heterogeneous expectations; 6. An asset pricing model with heterogeneous beliefs; 7. Empirical validation; 8. Laboratory experiments
    Anmerkung: Title from publisher's bibliographic system (viewed on 05 Oct 2015)
    Weitere Ausg.: ISBN 9781107019294
    Weitere Ausg.: ISBN 9781107564978
    Weitere Ausg.: Erscheint auch als Druck-Ausgabe ISBN 9781107019294
    Sprache: Englisch
    Fachgebiete: Wirtschaftswissenschaften
    RVK:
    QC 020
    Schlagwort(e): Rationale Erwartung ; Wirtschaftspsychologie ; Verhaltensökonomie ; Wirtschaftstheorie
    DOI: 10.1017/CBO9781139094276
    URL: Volltext  (lizenzpflichtig)
    URL: Volltext  (lizenzpflichtig)
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    Online Zugang
    Open Access Wunsch
    Stabi Berlin
    UB Potsdam
    Informationszentrum DGAP
  • 2
    Online-Ressource
    Online-Ressource
    Behavioral rationality and heterogeneous expectations in complex economic systems / (2013)
    Cambridge ; : Cambridge University Press,
    Details
    UID:
    almafu_9959245596202883
    Umfang: 1 online resource (xvii, 253 pages) : , digital, PDF file(s).
    Ausgabe: 1st ed.
    ISBN: 1-139-61048-1 , 1-107-23551-0 , 1-139-60885-1 , 1-139-61234-4 , 1-139-62164-5 , 1-283-98666-3 , 1-139-62536-5 , 1-139-09427-0 , 1-139-61606-4
    Inhalt: 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.
    Anmerkung: Title from publisher's bibliographic system (viewed on 05 Oct 2015). , Machine generated contents note: 1. Introduction; 2. Bifurcations and chaos in 1-D systems; 3. Bifurcations and strange attractors in 2-D systems; 4. The nonlinear cobweb model; 5. The cobweb model with heterogeneous expectations; 6. An asset pricing model with heterogeneous beliefs; 7. Empirical validation; 8. Laboratory experiments. , English
    Weitere Ausg.: ISBN 1-107-56497-2
    Weitere Ausg.: ISBN 1-107-01929-X
    Sprache: Englisch
    URL: https://doi.org/10.1017/CBO9781139094276
    URL: https://doi.org/10.1017/CBO9781139094276
    Bibliothek Standort Signatur Band/Heft/Jahr Verfügbarkeit
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    Online-Ressource
    HU Berlin
    FU Berlin
  • 3
    Online-Ressource
    Online-Ressource
    Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems (2013)
    Cambridge : Cambridge University Press
    Details
    UID:
    kobvindex_INT71732
    Umfang: 1 online resource (274 pages)
    Ausgabe: 1st ed.
    ISBN: 9781107019294 , 9781139612340
    Inhalt: Recognising that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioural rationality and heterogeneous expectations in economic systems, helping students, researchers and policy makers to build more realistic behavioural models in order to better manage crises in a complex global economy
    Anmerkung: Cover -- Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems -- Title -- copyright -- Dedication -- Contents -- Figures -- Preface -- 1 Introduction -- 1.1 Economic dynamics, nonlinearity and complexity -- 1.1.1 The discovery of chaos -- 1.1.2 Economic applications of chaos -- 1.1.3 Expectations -- 1.1.4 Bounded rationality and adaptive learning -- 1.1.5 Heterogeneity in complex adaptive systems -- 1.1.6 Behavioral rationality and heterogeneous expectations -- 1.2 Adaptive expectations in a nonlinear economy -- 1.3 Rational versus naive expectations -- 1.4 Adaptive learning -- 1.4.1 Cobweb learning-to-forecast experiments -- 1.5 Behavioral rationality and heterogeneous expectations -- 1.6 Financial markets as complex adaptive systems -- 1.6.1 Estimation of a model with fundamentalists versus chartists -- 1.7 Learning-to-forecast experiments -- 1.8 Simple complex systems -- 1.9 Purpose and summary of the book -- 2 Bifurcations and chaos in 1-D systems -- 2.1 Monotonic maps -- 2.2 The quadratic difference equation -- 2.2.1 Steady states and stability -- 2.2.2 Periodic and aperiodic time series -- 2.3 Bifurcations -- 2.3.1 Period-doubling bifurcation -- 2.3.2 Tangent bifurcation -- 2.3.3 Transcritical bifurcation -- 2.3.4 Pitchfork bifurcation -- 2.4 Chaos -- 2.4.1 An example -- 2.4.2 Period 3 implies chaos -- 2.4.3 A chaotic invariant Cantor set -- 2.5 Lyapunov exponent -- 2.6 Chaos and autocorrelations -- 3 Bifurcations and strange attractors in 2-D systems -- 3.1 The Hénon map -- 3.2 Bifurcations -- 3.2.1 Saddle-node and period-doubling bifurcation -- 3.2.2 Hopf bifurcation -- 3.2.3 Breaking of an invariant circle bifurcation route to chaos -- 3.2.4 A codimension two bifurcation: degenerate Hopf bifurcation -- 3.3 The horseshoe map -- 3.4 Homoclinic orbits -- 3.5 Lyapunov characteristic exponents , 4 The nonlinear cobweb model -- 4.1 The cobweb model -- 4.2 Naive expectations -- 4.3 Rational expectations -- 4.4 Naive expectations in a complex market -- 4.5 Adaptive expectations -- 4.6 Linear backward-looking expectations -- 4.6.1 LBE with two lags -- 4.6.2 LBE with many lags -- 4.7 A behaviorally rational linear forecasting rule -- 4.7.1 Consistent expectations equilibrium -- 4.7.2 Sample autocorrelation (SAC) learning -- 4.7.3 Chaotic consistent expectations equilibrium -- 4.8 Learning to believe in chaos -- 5 The cobweb model with heterogeneous expectations -- 5.1 Heterogeneous expectations -- 5.1.1 Evolutionary selection and reinforcement learning -- 5.2 Rational versus naive expectations -- 5.2.1 Local (in)stability of the steady state -- 5.2.2 A rational route to randomness -- 5.2.3 Saddle point instability and homoclinic orbits -- 5.2.4 Coexistence of attractors -- 5.3 Competing linear forecasting rules -- 5.3.1 Fundamentalists versus naive expectations -- 5.3.2 Contrarians versus naive expectations -- 5.4 Evolutionary selection and adaptive learning -- 6 An asset pricing model with heterogeneous beliefs -- 6.1 The homogeneous benchmark with rational agents -- 6.2 Heterogeneous beliefs -- 6.3 Evolutionary dynamics -- 6.4 Forecasting rules -- 6.5 Simple examples -- 6.5.1 Costly fundamentalists versus trend followers -- 6.5.2 Fundamentalists versus optimists and pessimists -- 6.5.3 Fundamentalists versus trend and bias -- 6.6 An example with coexisting attractors -- 6.6.1 Fundamentalists versus conditional trend followers -- 6.6.2 A locally stable steady state and coexisting cycles and chaos -- 6.6.3 An endogenous mechanism for volatility clustering -- 6.7 Many trader types -- 7 Empirical validation -- 7.1 The model in price-to-cash flows -- 7.1.1 Heterogeneous beliefs -- 7.2 Estimation of a simple 2-type example , 7.3 Empirical implications -- 7.3.1 Bubble and crash dynamics -- 7.3.2 Response to a fundamental shock -- 7.3.3 Will the bubble resume? -- 8 Laboratory experiments -- 8.1 Learning-to-forecast experiments (LtFEs) -- 8.2 Cobweb experiments -- 8.3 Asset pricing experiments -- 8.3.1 Benchmark simulations -- 8.3.2 Experimental results -- 8.4 Fitting a heterogeneous expectations model -- 8.5 Positive versus negative feedback experiments -- 8.5.1 Experiments with small shocks -- 8.5.2 Experiments with large shocks -- 8.6 Final remarks and future outlook -- Bibliography -- Index
    Weitere Ausg.: Print version Hommes, Cars Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems Cambridge : Cambridge University Press,c2013 ISBN 9781107019294
    Sprache: Englisch
    Schlagwort(e): Electronic books
    URL: FULL  ((OIS Credentials Required))
    Bibliothek Standort Signatur Band/Heft/Jahr Verfügbarkeit
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    Berlin International
  • 4
    Buch
    Buch
    Behavioral rationality and heterogeneous expectations in complex economic systems (2013)
    Cambridge [u.a.] : Cambridge Univ. Press
    Details
    UID:
    b3kat_BV040908443
    Umfang: XVII, 253 S. , graph. Darst.
    Ausgabe: 1. publ.
    ISBN: 9781107019294
    Anmerkung: Hier auch später erschienene, unveränderte Nachdrucke. - "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"-- Provided by publisher. , Incl. bibliogr. references and index
    Sprache: Englisch
    Fachgebiete: Wirtschaftswissenschaften
    RVK:
    QC 020
    URL: Umschlagtext
    URL: Autorenbiografie
    URL: Verlagsmeldung
    URL: Inhaltsverzeichnis
    URL: Inhaltsverzeichnis
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    EUV Frankfurt get availability status
  • 5
    Online-Ressource
    Online-Ressource
    Behavioral rationality and heterogeneous expectations in complex economic systems (2013)
    Cambridge ; : Cambridge University Press,
    Details
    UID:
    almahu_9948317486302882
    Umfang: xvii, 253 p. : , ill.
    Ausgabe: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
    Sprache: Englisch
    Schlagwort(e): Electronic books.
    URL: Click to View
    Bibliothek Standort Signatur Band/Heft/Jahr Verfügbarkeit
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    HU Berlin
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