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Nonlinearity, Bounded Rationality, and Heterogeneity

Some Aspects of Market Economies as Complex Systems

  • Book
  • © 2018

Overview

Authors:
  1. Tamotsu Onozaki

    1. Faculty of Economics, Rissho University, Shinagawa, Japan

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  • Expounds on nonlinear economic dynamics, providing an alternative approach that explains the complex dynamical behavior of market economies

  • Goes beyond the neoclassical equilibrium paradigm by focusing on nonlinearity, bounded rationality, and heterogeneity

  • Examines recent developments in agent-based simulation studies as a promising extension of nonlinear economic dynamics

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xiii
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  2. Nonlinear Economic Dynamics

    1. Front Matter

      Pages 1-1
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    2. The Nature and Significance of Nonlinear Economic Dynamics

      • Tamotsu Onozaki
      Pages 3-23

    3. One-Dimensional Nonlinear Cobweb Model

      • Tamotsu Onozaki
      Pages 25-77

    4. Two-Dimensional Nonlinear Cobweb Model

      • Tamotsu Onozaki
      Pages 79-126

  3. Toward Economic Complexity

    1. Front Matter

      Pages 127-127
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    2. From Nonlinear Economic Dynamics to Complexity Economics

      • Tamotsu Onozaki
      Pages 129-136

    3. High-Dimensional Nonlinear Cobweb Model

      • Tamotsu Onozaki
      Pages 137-158

    4. Agent-Based Model of Market Structure Dynamics I

      • Tamotsu Onozaki
      Pages 159-174

    5. Agent-Based Model of Market Structure Dynamics II

      • Tamotsu Onozaki
      Pages 175-199

  4. Erratum to: One-Dimensional Nonlinear Cobweb Model

    • Tamotsu Onozaki
    Pages E1-E1

  5. Back Matter

    Pages 201-220
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Keywords

About this book

This book pursues a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics, as well as their dynamical behaviors. Three key concepts arising in this context are “nonlinearity,” “bounded rationality” and “heterogeneity,” which also make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof, because economic systems do not exhibit complex behavior if all agents are perfectly rational, as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best with limited information and tend to adapt to their economic environment without knowing what is the best. Furthermore, the heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.

Authors and Affiliations

  • Faculty of Economics, Rissho University, Shinagawa, Japan

    Tamotsu Onozaki

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