Nonlinearity Bounded Rationality and Heterogeneity is popular PDF and ePub book, written by Tamotsu Onozaki in 2018-01-28, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Nonlinearity Bounded Rationality and Heterogeneity can be Read Online from any device for your convenience.
Nonlinearity Bounded Rationality and Heterogeneity Book PDF Summary
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.
Detail Book of Nonlinearity Bounded Rationality and Heterogeneity PDF
- Author : Tamotsu Onozaki
- Release : 28 January 2018
- Publisher : Springer
- ISBN : 9784431549710
- Genre : Business & Economics
- Total Page : 227 pages
- Language : English
- PDF File Size : 11,7 Mb
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