Barriers and Bounds to Rationality : : Essays on Economic Complexity and Dynamics in Interactive Systems / / Peter Albin; ed. by Duncan K. Foley.
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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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2022] ©1998 |
Year of Publication: | 2022 |
Language: | English |
Series: | Princeton Studies in Complexity ;
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Physical Description: | 1 online resource (296 p.) :; 36 line illus. 23 halftones 12 tables |
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Albin, Peter, author. aut http://id.loc.gov/vocabulary/relators/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 resource (296 p.) : 36 line illus. 23 halftones 12 tables text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Princeton Studies in Complexity ; 4 Frontmatter -- Contents -- Preface -- Acknowledgments -- 1 Introduction -- 2 The Metalogic of Economic Predictions, Calculations, and Propositions -- 3 Microeconomic Foundations of Cyclical Irregularities or "Chaos" -- 4 Qualitative Effects of Monetary Policy in "Rich" Dynamic Systems -- 5 Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study -- 6 Approximations of Cooperative Equilibria in Multiperson Prisoners' Dilemma Played by Cellular Automata -- 7 The Complexity of Social Groups and Social Systems Described by Graph Structures -- Works Cited -- Index -- ABOUT THE AUTHOR AND EDITOR restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star 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. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 29. Jun 2022) Computational complexity. Economics, Mathematical. Statics and dynamics (Social sciences). BUSINESS & ECONOMICS / Economics / General. bisacsh Foley, Duncan K., editor. edt http://id.loc.gov/vocabulary/relators/edt Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Archive 1927-1999 9783110442496 https://doi.org/10.1515/9780691237589?locatt=mode:legacy https://www.degruyter.com/isbn/9780691237589 Cover https://www.degruyter.com/document/cover/isbn/9780691237589/original |
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English |
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eBook |
author |
Albin, Peter, Albin, Peter, |
spellingShingle |
Albin, Peter, Albin, Peter, Barriers and Bounds to Rationality : Essays on Economic Complexity and Dynamics in Interactive Systems / Princeton Studies in Complexity ; Frontmatter -- Contents -- Preface -- Acknowledgments -- 1 Introduction -- 2 The Metalogic of Economic Predictions, Calculations, and Propositions -- 3 Microeconomic Foundations of Cyclical Irregularities or "Chaos" -- 4 Qualitative Effects of Monetary Policy in "Rich" Dynamic Systems -- 5 Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study -- 6 Approximations of Cooperative Equilibria in Multiperson Prisoners' Dilemma Played by Cellular Automata -- 7 The Complexity of Social Groups and Social Systems Described by Graph Structures -- Works Cited -- Index -- ABOUT THE AUTHOR AND EDITOR |
author_facet |
Albin, Peter, Albin, Peter, Foley, Duncan K., Foley, Duncan K., |
author_variant |
p a pa p a pa |
author_role |
VerfasserIn VerfasserIn |
author2 |
Foley, Duncan K., Foley, Duncan K., |
author2_variant |
d k f dk dkf d k f dk dkf |
author2_role |
HerausgeberIn HerausgeberIn |
author_sort |
Albin, Peter, |
title |
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 / |
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_auth |
Barriers and Bounds to Rationality : Essays on Economic Complexity and Dynamics in Interactive Systems / |
title_alt |
Frontmatter -- Contents -- Preface -- Acknowledgments -- 1 Introduction -- 2 The Metalogic of Economic Predictions, Calculations, and Propositions -- 3 Microeconomic Foundations of Cyclical Irregularities or "Chaos" -- 4 Qualitative Effects of Monetary Policy in "Rich" Dynamic Systems -- 5 Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study -- 6 Approximations of Cooperative Equilibria in Multiperson Prisoners' Dilemma Played by Cellular Automata -- 7 The Complexity of Social Groups and Social Systems Described by Graph Structures -- Works Cited -- Index -- ABOUT THE AUTHOR AND EDITOR |
title_new |
Barriers and Bounds to Rationality : |
title_sort |
barriers and bounds to rationality : essays on economic complexity and dynamics in interactive systems / |
series |
Princeton Studies in Complexity ; |
series2 |
Princeton Studies in Complexity ; |
publisher |
Princeton University Press, |
publishDate |
2022 |
physical |
1 online resource (296 p.) : 36 line illus. 23 halftones 12 tables |
contents |
Frontmatter -- Contents -- Preface -- Acknowledgments -- 1 Introduction -- 2 The Metalogic of Economic Predictions, Calculations, and Propositions -- 3 Microeconomic Foundations of Cyclical Irregularities or "Chaos" -- 4 Qualitative Effects of Monetary Policy in "Rich" Dynamic Systems -- 5 Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study -- 6 Approximations of Cooperative Equilibria in Multiperson Prisoners' Dilemma Played by Cellular Automata -- 7 The Complexity of Social Groups and Social Systems Described by Graph Structures -- Works Cited -- Index -- ABOUT THE AUTHOR AND EDITOR |
isbn |
9780691237589 9783110442496 |
url |
https://doi.org/10.1515/9780691237589?locatt=mode:legacy https://www.degruyter.com/isbn/9780691237589 https://www.degruyter.com/document/cover/isbn/9780691237589/original |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
330 - Economics |
dewey-full |
330/.01/185 |
dewey-sort |
3330 11 3185 |
dewey-raw |
330/.01/185 |
dewey-search |
330/.01/185 |
doi_str_mv |
10.1515/9780691237589?locatt=mode:legacy |
oclc_num |
1291507329 |
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AT albinpeter barriersandboundstorationalityessaysoneconomiccomplexityanddynamicsininteractivesystems AT foleyduncank barriersandboundstorationalityessaysoneconomiccomplexityanddynamicsininteractivesystems |
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ids_txt_mv |
(DE-B1597)602093 (OCoLC)1291507329 |
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hierarchy_parent_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Archive 1927-1999 |
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Barriers and Bounds to Rationality : Essays on Economic Complexity and Dynamics in Interactive Systems / |
container_title |
Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Archive 1927-1999 |
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