Complex Systems Approach to Economic Dynamics

Economic Systems exhibit complex dynamics evidenced by large-amplitude and aperiodic fluctuations in economic variables, such as foreign exchange rates and stock market prices, indicating that these systems are driven far from the equilibrium. Characterization of the complex behavior of economic cyc...

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Bibliographic Details
Main Author: Chian, Abraham C.-L.
Format: eBook
Language:English
Published: Berlin, Heidelberg Springer Berlin Heidelberg 2007, 2007
Edition:1st ed. 2007
Series:Lecture Notes in Economics and Mathematical Systems
Subjects:
Online Access:
Collection: Springer eBooks 2005- - Collection details see MPG.ReNa
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505 0 |a Nonlinear Dynamics of Economic Cycles -- Type-I Intermittency in Nonlinear Economic Cycles -- Crisis-Induced Intermittency in Nonlinear Economic Cycles -- Attractor Merging Crisis in Nonlinear Economic Cycles -- Chaotic Transients in Nonlinear Economic Cycles -- Conclusion 
653 |a Complex Systems 
653 |a Game Theory 
653 |a Control theory 
653 |a Systems Theory, Control 
653 |a Macroeconomics and Monetary Economics 
653 |a Game theory 
653 |a System theory 
653 |a Quantitative Economics 
653 |a Mathematical physics 
653 |a Macroeconomics 
653 |a Econometrics 
653 |a Theoretical, Mathematical and Computational Physics 
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520 |a Economic Systems exhibit complex dynamics evidenced by large-amplitude and aperiodic fluctuations in economic variables, such as foreign exchange rates and stock market prices, indicating that these systems are driven far from the equilibrium. Characterization of the complex behavior of economic cycles, by identifying regular and irregular patterns and regime switching in economic time series, is the key for pattern recognition and forecasting of economic cycles. Statistical analysis of stock markets and foreign exchange markets has demonstrated the intermittent nature of economic time series. A nonlinear model of business cycles is able to simulate intermittency arising from order-chaos and chaos-chaos transitions. This monograph introduces new concepts of unstable periodic orbits and chaotic saddles which are unstable structures embedded in a chaotic attractor, responsible for economic intermittency