scholarly journals Rediscovering the Economics of Keynes in an Agent-Based Computational Setting

2016 ◽  
Vol 12 (02) ◽  
pp. 77-96
Author(s):  
Charlotte Bruun
Keyword(s):  
Computational Economics ◽  
Agent Based ◽  
Complex Dynamic Systems ◽  
Keynesian Model ◽  
Long Run ◽  
Utility Optimization ◽  
Starting Point ◽  
Traditional Sense ◽  
Fundamental Uncertainty ◽  
Economic Thinking

The aim of this paper is to use agent-based computational economics to explore the economic thinking of Keynes. Taking his starting point at the macroeconomic level, Keynes argued that economic systems are characterized by fundamental uncertainty — an uncertainty that makes rule-based behavior and reliance on monetary magnitudes more optimal to the economic agent than profit — and utility optimization in the traditional sense. Unfortunately, more systematic studies of the properties of such a system were not possible at the time of Keynes. However, the system envisioned by Keynes holds a lot of properties in common with what we today call complex dynamic systems, and we may apply the method of agent-based computational economics to his ideas. The presented agent-based Keynesian model demonstrates, as argued by Keynes, that the economy can self-organize without relying on price movement as an equilibrating factor. In our implementation, self-organization, however, does not mean a steady long run equilibrium but a tendency to generate cycles.

Higher Order Neural Network Architectures for Agent-Based Computational Economics and Finance

2009 ◽  
pp. 79-93 ◽  
Author(s):  
John Seiffertt ◽  
Donald C. Wunsch II
Keyword(s):  
Computational Intelligence ◽  
Higher Order ◽  
Computational Economics ◽  
Network Architectures ◽  
Financial Systems ◽  
Agent Based ◽  
Complex Dynamic Systems ◽  
Modeling Systems ◽  
The Social ◽  
Higher Order Neural Networks

As the study of agent-based computational economics and finance grows, so does the need for appropriate techniques for the modeling of complex dynamic systems and the intelligence of the constructive agent. These methods are important where the classic equilibrium analytics fail to provide sufficiently satisfactory understanding. In particular, one area of computational intelligence, Approximate Dynamic Programming, holds much promise for applications in this field and demonstrate the capacity for artificial Higher Order Neural Networks to add value in the social sciences and business. This chapter provides an overview of this area, introduces the relevant agent-based computational modeling systems, and suggests practical methods for their incorporation into the current research. A novel application of HONN to ADP specifically for the purpose of studying agent-based financial systems is presented.

GRAPHS, NETWORKS AND ACE

2006 ◽  
Vol 02 (03) ◽  
pp. 299-314 ◽  
Author(s):  
SHU-HENG CHEN
Keyword(s):  
Discrete Choice ◽  
Network Topology ◽  
Choice Model ◽  
Probabilistic Approach ◽  
Interaction Mechanism ◽  
Computational Economics ◽  
Network Economy ◽  
Agent Based ◽  
Starting Point ◽  
Formation And Evolution

Following the standard probabilistic approach, we shall explicitly show the relation between a microscopic and a macroscopic view of an economy in the context of a discrete choice model. Two crucial issues to do with the graphical applications to the network economy are addressed. The first one concerns the representation richness of the graph, whereas the second one concerns the formation and evolution of the graph when it is applied to social networks. This study can be a starting point to see the relevance of agent-based computational economics (ACE) to the network economy, in particular, after bringing in the interaction mechanism associated with a network topology.

Higher Order Neural Network Architectures for Agent-Based Computational Economics and Finance

2012 ◽  
pp. 219-233
Author(s):  
John Seiffertt ◽  
Donald C. Wunsch II
Keyword(s):  
Computational Intelligence ◽  
Higher Order ◽  
Computational Economics ◽  
Network Architectures ◽  
Financial Systems ◽  
Agent Based ◽  
Complex Dynamic Systems ◽  
Modeling Systems ◽  
The Social ◽  
Higher Order Neural Networks

As the study of agent-based computational economics and finance grows, so does the need for appropriate techniques for the modeling of complex dynamic systems and the intelligence of the constructive agent. These methods are important where the classic equilibrium analytics fail to provide sufficiently satisfactory understanding. In particular, one area of computational intelligence, Approximate Dynamic Programming, holds much promise for applications in this field and demonstrate the capacity for artificial Higher Order Neural Networks to add value in the social sciences and business. This chapter provides an overview of this area, introduces the relevant agent-based computational modeling systems, and suggests practical methods for their incorporation into the current research. A novel application of HONN to ADP specifically for the purpose of studying agent-based financial systems is presented.

scholarly journals A Reappraisal of the Prebisch-Singer Hypothesis Using Wavelets Analysis

2021 ◽  
Vol 14 (7) ◽  
pp. 319
Author(s):  
Hany Fahmy
Keyword(s):  
International Trade ◽  
Structural Breaks ◽  
Developing Economies ◽  
Commodity Prices ◽  
Commodity Price ◽  
Data Set ◽  
Price Series ◽  
Long Run ◽  
Starting Point ◽  
The Impact

The Prebisch-Singer (PS) hypothesis, which postulates the presence of a downward secular trend in the price of primary commodities relative to manufacturers, remains at the core of a continuing debate among international trade economists. The reason is that the results of testing the PS hypothesis depend on the starting point of the technical analysis, i.e., stationarity, nonlinearity, and the existence of structural breaks. The objective of this paper is to appraise the PS hypothesis in the short- and long-run by employing a novel multiresolution wavelets decomposition to a unique data set of commodity prices. The paper also seeks to assess the impact of the terms of trade (also known as Incoterms) on the test results. The analysis reveals that the PS hypothesis is not supported in the long run for the aggregate commodity price index and for most of the individual commodity price series forming it. Furthermore, in addition to the starting point of the analysis, the results show that the PS test depends on the term of trade classification of commodity prices. These findings are of particular significance to international trade regulators and policymakers of developing economies that depend mainly on primary commodities in their exports.

Toward a transdisciplinary integration of research purposes and methods for complex dynamic systems theory: beyond the quantitative–qualitative divide

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Phil Hiver ◽  
Ali H. Al-Hoorie ◽  
Diane Larsen-Freeman
Keyword(s):  
Systems Theory ◽  
Dynamic Systems ◽  
Applied Linguistics ◽  
Integrated Approach ◽  
Dynamic Systems Theory ◽  
Complex Dynamic ◽  
Transdisciplinary Approach ◽  
Complex Dynamic Systems ◽  
Human And Social Sciences ◽  
Starting Point

Abstract Complexity theory/dynamic systems theory has challenged conventional approaches to applied linguistics research by encouraging researchers to adopt a pragmatic transdisciplinary approach that is less paradigmatic and more problem-oriented in nature. Its proponents have argued that the starting point in research design should not be the quantitative–qualitative distinction, or even mixed methods, but the distinction between individual versus group-based designs (i.e., idiographic versus nomothetic). Taking insights from transdisciplinary complexity research in other human and social sciences, we propose an integrative transdisciplinary framework that unites these different perspectives (quantitative–qualitative, individual–group based) from the starting point of exploratory–falsificatory aims. We discuss the implications of this transdisciplinary approach to applied linguistics research and illustrate how such an integrated approach might be implemented in the field.

scholarly journals The joy of sharing knowledge: But what if there is no knowledge to share? A critical reflection on human capacity building in Africa

2007 ◽  
Vol 7 ◽  
pp. 18-28
Author(s):  
Johannes J Britz
Keyword(s):  
Research And Development ◽  
Capacity Building ◽  
Capacity Development ◽  
Clear Understanding ◽  
Political Will ◽  
Current Trends ◽  
Long Run ◽  
Starting Point ◽  
Human Capacity ◽  
The Brain

This article focuses on the current trends and initiatives in human capacity building in Africa. It takes as it starting point that human capacity development is essential for Africa to become an information and know-ledge society and therefore an equal partner in the global sharing of knowledge. Four knowledge areas are identified and discussed. These are education, research and development, brain drain and information and documentation drain. The paper concludes that there is a clear understanding in Africa that its future lies with education and that most African leaders have a strong political will to invest in human capacity building on the continent. It is also clear that much has been done, particularly primary education. Africa will most defi-nitely benefit from this in the long run. Problem areas remain however. These are in the needed growth of research and development and how to address the brain and information drain phenomena.

scholarly journals Agent-based computational economics

Scholarpedia ◽  
2007 ◽  
Vol 2 (2) ◽  
pp. 1970 ◽  
Author(s):  
Leigh Tesfatsion
Keyword(s):  
Computational Economics ◽  
Agent Based
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