Barriers and Bounds to Rationality: Essays on Economic Complexity and Dynamics in Interactive Systems
By Peter Albin and Duncan K. Foley
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About this ebook
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.
Read more from Peter Albin
Princeton Studies in Complexity
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Titles in the series (14)
The Complexity of Cooperation: Agent-Based Models of Competition and Collaboration Rating: 3 out of 5 stars3/5Party Competition: An Agent-Based Model Rating: 0 out of 5 stars0 ratingsCritical Transitions in Nature and Society Rating: 3 out of 5 stars3/5Complex Adaptive Systems: An Introduction to Computational Models of Social Life Rating: 4 out of 5 stars4/5Generative Social Science: Studies in Agent-Based Computational Modeling Rating: 4 out of 5 stars4/5Robustness and Evolvability in Living Systems Rating: 5 out of 5 stars5/5Perfect Order: Recognizing Complexity in Bali Rating: 5 out of 5 stars5/5Small Worlds: The Dynamics of Networks between Order and Randomness Rating: 5 out of 5 stars5/5Agent_Zero: Toward Neurocognitive Foundations for Generative Social Science Rating: 0 out of 5 stars0 ratingsHistorical Dynamics: Why States Rise and Fall Rating: 4 out of 5 stars4/5Islands of Order: A Guide to Complexity Modeling for the Social Sciences Rating: 0 out of 5 stars0 ratingsThe Dynamics of Risk: Changing Technologies and Collective Action in Seismic Events Rating: 0 out of 5 stars0 ratingsSelf-Organization in Biological Systems Rating: 4 out of 5 stars4/5Barriers and Bounds to Rationality: Essays on Economic Complexity and Dynamics in Interactive Systems Rating: 0 out of 5 stars0 ratings
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