ECONOMICS AND COMPLEXITY

Alan Kirman

Advances in Complex Systems (ACS), 2004, vol. 07, issue 02, 139-155

Abstract: This paper presents a view of the economy as a complex system with heterogeneous interacting agents who collectively organize themselves to generate aggregate phenomena which cannot be regarded as the behavior of some average or representative individual. There is an essential difference between the aggregate and the individual and such phenomena as bubbles and crashes, herd behavior, the transmission of information and the organization of trade are better modeled in the sort of framework suggested here than in more standard economic models.

Keywords: Aggregation; interaction; self-organization; herd behavior; rationality (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (8)

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DOI: 10.1142/S0219525904000123

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