Barriers and Bounds to Rationality: Essays on Economic Complexity and Dynamics in Interactive Systems
Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to ec...
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton, NJ
Princeton University Press
[2022]
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| Schriftenreihe: | Princeton Studies in Complexity
40 |
| Schlagworte: | |
| Online-Zugang: | DE-1046 DE-1043 DE-858 DE-859 DE-860 DE-739 DE-473 Volltext |
| Zusammenfassung: | Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems. Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality. Albin has analyzed economic systems as interactions of highly complex components (i.e., intelligent human beings). He uses the theories of generative linguistics and cellular automata to establish that the complexity level of economic systems is, in principle at least, that of a Turing machine or general-purpose computer, establishing that classic economic approaches to the problems of household and firm choice, macroeconomic prediction, and policy evaluation may give rise to undecidable propositions and uncomputable functions. He develops simple models of dynamic economic interaction based on cellular automata which illustrate the inherent complexity of economic interactions and the resulting challenge they pose to traditional theories of rational economic behavior. These models explore the dynamics of the business cycle, decentralized market trading, and the emergence of cooperation in a novel local-interaction version of the repeated prisoners' dilemma game. Albin's work provides a unique and important perspective on economic systems |
| Beschreibung: | Description based on online resource; title from PDF title page (publisher's Web site, viewed 10. Jan 2022) |
| Beschreibung: | 1 Online-Ressource (296 pages) 36 line illus. 23 halftones 12 tables |
| ISBN: | 9780691237589 |
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| 520 | |a Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems. Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality. Albin has analyzed economic systems as interactions of highly complex components (i.e., intelligent human beings). He uses the theories of generative linguistics and cellular automata to establish that the complexity level of economic systems is, in principle at least, that of a Turing machine or general-purpose computer, establishing that classic economic approaches to the problems of household and firm choice, macroeconomic prediction, and policy evaluation may give rise to undecidable propositions and uncomputable functions. He develops simple models of dynamic economic interaction based on cellular automata which illustrate the inherent complexity of economic interactions and the resulting challenge they pose to traditional theories of rational economic behavior. These models explore the dynamics of the business cycle, decentralized market trading, and the emergence of cooperation in a novel local-interaction version of the repeated prisoners' dilemma game. Albin's work provides a unique and important perspective on economic systems | ||
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| isbn | 9780691237589 |
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| spelling | Albin, Peter Verfasser aut Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems Peter Albin; ed. by Duncan K. Foley Princeton, NJ Princeton University Press [2022] © 1998 1 Online-Ressource (296 pages) 36 line illus. 23 halftones 12 tables txt rdacontent c rdamedia cr rdacarrier Princeton Studies in Complexity 40 Description based on online resource; title from PDF title page (publisher's Web site, viewed 10. Jan 2022) Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems. Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality. Albin has analyzed economic systems as interactions of highly complex components (i.e., intelligent human beings). He uses the theories of generative linguistics and cellular automata to establish that the complexity level of economic systems is, in principle at least, that of a Turing machine or general-purpose computer, establishing that classic economic approaches to the problems of household and firm choice, macroeconomic prediction, and policy evaluation may give rise to undecidable propositions and uncomputable functions. He develops simple models of dynamic economic interaction based on cellular automata which illustrate the inherent complexity of economic interactions and the resulting challenge they pose to traditional theories of rational economic behavior. These models explore the dynamics of the business cycle, decentralized market trading, and the emergence of cooperation in a novel local-interaction version of the repeated prisoners' dilemma game. Albin's work provides a unique and important perspective on economic systems In English BUSINESS & ECONOMICS / Economics / General bisacsh Computational complexity Economics, Mathematical Statics and dynamics (Social sciences) Foley, Duncan K. Sonstige oth https://www.degruyter.com/isbn/9780691237589 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Albin, Peter Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems BUSINESS & ECONOMICS / Economics / General bisacsh Computational complexity Economics, Mathematical Statics and dynamics (Social sciences) |
| title | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems |
| title_auth | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems |
| title_exact_search | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems |
| title_exact_search_txtP | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems |
| title_full | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems Peter Albin; ed. by Duncan K. Foley |
| title_fullStr | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems Peter Albin; ed. by Duncan K. Foley |
| title_full_unstemmed | Barriers and Bounds to Rationality Essays on Economic Complexity and Dynamics in Interactive Systems Peter Albin; ed. by Duncan K. Foley |
| title_short | Barriers and Bounds to Rationality |
| title_sort | barriers and bounds to rationality essays on economic complexity and dynamics in interactive systems |
| title_sub | Essays on Economic Complexity and Dynamics in Interactive Systems |
| topic | BUSINESS & ECONOMICS / Economics / General bisacsh Computational complexity Economics, Mathematical Statics and dynamics (Social sciences) |
| topic_facet | BUSINESS & ECONOMICS / Economics / General Computational complexity Economics, Mathematical Statics and dynamics (Social sciences) |
| url | https://www.degruyter.com/isbn/9780691237589 |
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