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The Economy as an Evolving Complex System II
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The Economy as an Evolving Complex System II Tapa blanda - 1997

de W. Brian Arthur; Steven N. Durlauf; David Lane


Información de la editorial

A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.

Primera línea

We propose a theory of asset pricing based on heterogeneous agents who continually adapt their expectations to the market that these expectations aggregatively create.

Detalles

  • Título The Economy as an Evolving Complex System II
  • Autor W. Brian Arthur; Steven N. Durlauf; David Lane
  • Encuadernación Tapa blanda
  • Edición REV
  • Páginas 600
  • Volúmenes 1
  • Idioma ENG
  • Editorial CRC Press, Reading, MA
  • Fecha de publicación January 1, 1997
  • Features Bibliography, Index
  • ISBN 9780201328233 / 0201328232
  • Peso 1 libras (0.45 kg)
  • Dimensiones 9 x 6 x 1.33 pulgadas (22.86 x 15.24 x 3.38 cm)
  • Library of Congress subjects Evolutionary economics - Congresses, Rational expectations (Economic theory) -
  • Número de catálogo de la Librería del Congreso de EEUU 97037913
  • Dewey Decimal Code 330

Acerca del autor

W. Brian Arthur is a Citibank Professor at the Santa Fe Institute. From 1983 to 1996 he was Dean and Virginia Morrison Professor of Population Studies and Economics at Stanford University. Arthur has been associated with the Santa Fe Institute since 1987; he directed its first program: the economy as an evolving, complex system. He currently serves on SFI's science board and its board of trustees and is well known in economics for his work on increasing return and path dependence. Steven N. Durlauf is professor of economics at the University of Wisconsin at Madison and since 1996 co-director of the economics program at the Santa Fe Institute. He received his B.A. in economics from Harvard in 1980 and his Ph.D. in economics from Yale in 1986. He has published widely in the areas of macroeconomics, econometrics, and income inequality. David A. Lane is professor of statistics in the Faculty of Economics at the University of Modena in Italy. He is a member of the external faculty and the science board of the Santa Fe Institute and is a past co-director of the Institute's economics program. W. Brian Arthur is a Citibank Professor at the Santa Fe Institute. From 1983 to 1996 he was Dean and Virginia Morrison Professor of Population Studies and Economics at Stanford University. Arthur has been associated with the Santa Fe Institute since 1987; he directed its first program: the economy as an evolving, complex system. He currently serves on SFI's science board and its board of trustees and is well known in economics for his work on increasing return and path dependence. Steven N. Durlauf is professor of economics at the University of Wisconsin at Madison and since 1996 co-director of the economics program at the Santa Fe Institute. He received his B.A. in economics from Harvard in 1980 and his Ph.D. in economics from Yale in 1986. He has published widely in the areas of macroeconomics, econometrics, and income inequality. David A. Lane is professor of statistics in the Faculty of Economics at the University of Modena in Italy. He is a member of the external faculty and the science board of the Santa Fe Institute and is a past co-director of the Institute's economics program.
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Reading, MA Addison-Wesley , 1997. Paperback First Edition Thus (1997), Second Printing. Very Near Fine. just a hint of wear to the extremities; else flawless; the binding is square and secure; the text is clean. Free of creases to the panels. Free of creases to the backstrip. Free of creased or dog-eared pages in the text. Free of underlining, hi-lighting, notations, or marginalia. Free of any ownership names, dates, addresses, notations, inscriptions, stamps, plates, or labels. A handsome, nearly-new copy, structurally sound and tightly bound, showing the very mildest wear only. Bright and clean. Corners sharp. Very close to 'As New'. NOT a Remainder, Book-Club, or Ex-Library. 8vo. (9.15 x 6.5 x 1.25 inches). xii, 583 pages. Language: English. Weight: 31.5 ounces. Perseus Advanced Book Program. First Edition Thus (1997), Second Printing. Academic Press Paperback. A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten… Leer más
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Reading, MA Addison-Wesley , 1997. Paperback Fine. Still in shrinkwrap (so we are not able to confirm that this is a first edition); flawless; the binding is square and secure; the text is clean. 'As New'. NOT a Remainder, Book-Club, or Ex-Library. 8vo. (9.15 x 6.5 x 1.25 inches). xii, 583 pages. Language: English. Weight: 31.5 ounces. Perseus Advanced Book Program. Academic Press Paperback. A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years. This volume is a collection of articles that shape and define this view—a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays economic activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given… Leer más
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The Economy As An Evolving Complex System II (Santa Fe Institute Series)

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