Research Repository

Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS)

Markose, Sheri M (2004) Computability and Evolutionary Complexity: Markets As Complex Adaptive Systems (CAS). [UNSPECIFIED]

[img]
Preview
Text
dp574.pdf

Download (331kB) | Preview

Abstract

The purpose of this Feature is to critically examine and to contribute to the burgeoning multi disciplinary literature on markets as complex adaptive systems (CAS). Three economists, Robert Axtell, Steven Durlauf and Arthur Robson who have distinguished themselves as pioneers in different aspects of how the thesis of evolutionary complexity pertains to market environments have contributed to this special issue. Axtell is concerned about the procedural aspects of attaining market equilibria in a decentralized setting and argues that principles on the complexity of feasible computation should rule in or out widely held models such as the Walrasian one. Robson puts forward the hypothesis called the Red Queen principle, well known from evolutionary biology, as a possible explanation for the evolution of complexity itself. Durlauf examines some of the claims that have been made in the name of complex systems theory to see whether these present testable hypothesis for economic models. My overview aims to use the wider literature on complex systems to provide a conceptual framework within which to discuss the issues raised for Economics in the above contributions and elsewhere. In particular, some assessment will be made on the extent to which modern complex systems theory and its application to markets as CAS constitutes a paradigm shift from more mainstream economic analysis.

Item Type: UNSPECIFIED
Uncontrolled Keywords: HB;
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 16 Aug 2012 13:53
Last Modified: 17 Aug 2017 18:08
URI: http://repository.essex.ac.uk/id/eprint/3730

Actions (login required)

View Item View Item