The Economy As an Evolving Complex System, III: Current Perspectives and Future Directions
Derived from the 2001 Santa Fe Institute Conference, "The Economy as an Evolving Complex System III," represents scholarship from the leading figures in th area of economics and complexity. The subject, a perennial centerpiece of the SFI program of studies has gained a wide range of followers for its methods of employing empirical evidence in the development of analytical economic theories. Accordingly, the chapters in this volume addresses a wide variety of issues in the fields of economics and complexity, accessing eclectic techniques from many disciplines, provided that they shed light on the economic problem. Dedicated to Kenneth Arrow on his 80th birthday, this volume honors his many contributions to the Institute. SFI-style economics is regarded as having had an important impact in introducing a new approach to economic analysis.
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Social Learning and the Adoption of Knowledge
Rationality and Selection in Asset Markets
Statistical Physics and Economic Fluctuations
Market Efficiency the Pareto Wealth Distribution and the Lévy Distribution of Stock Returns
A Random Order Placement Model of Price Formation in the Continuous Double Auction
Multinomial Choice with Social Interactions
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agents analysis analyze assume assumption asymptotic average behavior beliefs Blume Brock and Durlauf condition consumption contribution correlation decisionmakers defined denote density depend depth profile diffusion dimensional analysis dynamics Econ economic effects empirical epistemic base equation equilibrium estimate evolutionary example expected utility exponent figure fluctuations forecast given global games H. E. Stanley heterogeneity identified implies individual inflation expectations inflation rate investment investors knowledge Lévy distribution limit order logit male market order match multinomial multinomial logit Nash equilibrium neighborhood nondimensional norms order placement outcome parameters Pareto distribution Pareto wealth distribution payoff player Plerou population power law problem propositional knowledge public goods game punishment random rational expectations Santa Fe Institute scale shame simulations social interactions statistical stochastic strategy subjective expected utility technique Theorem theory tick tion unemployment uniqueness utility function volatility zero