Nonlinear Dynamics and Heterogeneous Interacting Agents [Paperback]

Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on complexity in action exemplifying the scope and explanatory power of these innovative approaches.

Economic application of nonlinear dynamics, microscopic agent-based modelling, and the use of artificial intelligence techniques as learning devices of boundedly rational actors are among the most exciting interdisciplinary ventures of economic theory over the past decade. This volume provides us with a most fascinating series of examples on complexity in action exemplifying the scope and explanatory power of these innovative approaches.

Learning in Computational and Laboratory Experiments.- The Implementation of the Turing Tournament: A Report.- Expectations Structure in Asset Pricing Experiments.- Learning in a Basket of Crabs: An Agent-Based Computational Model of Repeated Conservation Auctions.- On the Benefit of Additional Information in Markets with Heterogeneously Informed Agents  an Experimental Study.- Games and Strategic Interactions.- Crowd Effects in Competitive, Multi-Agent Populations and Networks.- Local Minority Game and Emergence of Efficient Dynamic Order.- Agents with Heterogeneous Strategies Interacting in a Spatial IPD.- Complexity Leads to Benefits: Pareto-Improving Chaos in a Heterogeneous Duopoly Market.- Innovation, Networks and Learning Dynamics.- On Novelty and Heterogeneity.- 'Collective Innovation in a Model of Network Formation with Preferential Meeting.- Population Learning in Random Games with Endogenous Network Formation.- Growth and Coalition Formation.- The Topology of Shareholding Networks.- Statistical Physics Approaches.- A New Model of Labor Dynamicl³ƒ