The economy as an evolving complex system, III : current perspectives and future directions / editors, Lawrence E. Blume, Steven N. Durlauf.

Format:

Book

Contributor:

Blume, Lawrence.

Durlauf, Steven N.

Series:

Proceedings volume in the Santa Fe Institute studies in the sciences of complexity

Santa Fe Institute studies in the sciences of complexity

Language:

English

Subjects (All):

Evolutionary economics--Congresses.

Evolutionary economics.

Rational expectations (Economic theory)--Congresses.

Rational expectations (Economic theory).

Economics--Congresses.

Economics.

Genre:

Conference papers and proceedings.

Physical Description:

x, 377 pages : illustrations ; 25 cm.

Other Title:

Economy as an evolving complex system, 3

Economy as an evolving complex system, three

Place of Publication:

Oxford ; New York : Oxford University Press, 2006.

Summary:

Much of the original motivation for the SFI Economics Program revolved around the belief that economic research could benefit from an injection of new mathematical models and new perspectives on human behavior. Since then, we have found that the SFI approach has greatly enriched economic theory.

This volume is derived from the conference "The Economy as an Evolving Complex System III," held at the Santa Fe Institute in New Mexico in November 2001. As the third book of this type, it provides a snapshot of the evolution of the research associated with the Santa Fe Institute Economics Program.

The Economy as an Evolving Complex System I, published in 1988, was speculative in that it described the possibilities associated with the application of complex systems ideas to economics. The Economy as an Evolving Complex System II, published in 1997, presented some of the successes of the research program that were only dimly visible in 1988. The current volume reflects nearly 15 years of work in economics and complexity in a mature and thriving research program that now extends throughout the social sciences.

Each of these themes now constitutes a thriving part of current social science research as a whole as well as current work associated with SFI and is likely to represent a bridge to the next Economy as an Evolving Complex System conference.

Contents:

The Epidemiology of Macroeconomic Expectations / Christopher D. Carroll 5

Social Learning and the Adoption of Knowledge / Charles F. Manski 31

Rationality and Selection in Asset Markets / Lawrence E. Blume, David Easley 49

Statistical Physics and Economic Fluctuations / H. Eugene Stanley, Xavier Gabaix, Parameswaran Gopikrishnan, Vasiliki Plerou 67

Market Efficiency, the Pareto Wealth Distribution, and the Levy Distribution of Stock Returns / Moshe Levy 101

A Random Order Placement Model of Price Formation in the Continuous Double Auction / J. Doyne Farmer, Laszlo Gillemot, Giulia Iori. Supriya Krishnamurthy, D. Eric Smith, Marcus G. Daniels 133

Multinomial Choice with Social Interactions / Wiliam A. Brock, Steven N. Durlauf 175

Heterogeneity and Uniqueness in Interaction Games / Stephen Morris, Hyun Song Shin 207

Perspectives on the Economy as an Evolving Complex System / Larry Samuelson 243

The Diffusion of Innovations in Social Networks / H. Peyton Young 267

Dynamic Properties of Local Interaction Models / Timothy G. Conley, Giorgio Topa 283

Useful Knowledge as an Evolving System: The View from Economic History / Joel Mokyr 309

Prosocial Emotions / Samuel Bowles, Herbert Gintis 337.

Notes:

Papers associated with a conference of same name held at the Santa Fe Institute 2001.

Includes bibliographical references and index.

ISBN:

0195162587

0195162595

OCLC:

55746667

Publisher Number:

9780195162585

9780195162592 (pbk.)