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Nonlinearity, Bounded Rationality, and Heterogeneity = Some Aspects of Market Economies as Complex Systems /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Nonlinearity, Bounded Rationality, and Heterogeneity/ by Tamotsu Onozaki.
Reminder of title:	Some Aspects of Market Economies as Complex Systems /
Author:	Onozaki, Tamotsu.
Description:	XIII, 220 p. 80 illus., 22 illus. in color.online resource. :
Contained By:	Springer Nature eBook
Subject:	Economic theory. -
Online resource:	https://doi.org/10.1007/978-4-431-54971-0
ISBN:	9784431549710

Nonlinearity, Bounded Rationality, and Heterogeneity = Some Aspects of Market Economies as Complex Systems /
Onozaki, Tamotsu.

Nonlinearity, Bounded Rationality, and HeterogeneitySome Aspects of Market Economies as Complex Systems /[electronic resource] :by Tamotsu Onozaki. - 1st ed. 2018. - XIII, 220 p. 80 illus., 22 illus. in color.online resource.

This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.

ISBN: 9784431549710

Standard No.: 10.1007/978-4-431-54971-0doiSubjects--Topical Terms:

809881
Economic theory.

LC Class. No.: HB1-846.8

Dewey Class. No.: 330.1

Nonlinearity, Bounded Rationality, and Heterogeneity = Some Aspects of Market Economies as Complex Systems /
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