Complex Systems Approach to Economic Dynamics

Abraham C. -L. Chian

ISBN 10: 3540397523 / ISBN 13: 9783540397526

Editore: Springer Berlin Heidelberg, Springer Berlin Heidelberg Jul 2007, 2007

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Neuware -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.Springer Verlag GmbH, Tiergartenstr. 17, 69121 Heidelberg 116 pp. Englisch.

Codice articolo 9783540397526

Dati bibliografici

• Titolo: Complex Systems Approach to Economic Dynamics
• Editore: Springer Berlin Heidelberg, Springer Berlin Heidelberg Jul 2007
• Data di pubblicazione: 2007
• Lingua: Inglese
• ISBN 10: 3540397523
• ISBN 13: 9783540397526
• Rilegatura: Taschenbuch
• Condizione: Neu

Descrizione articolo

Riassunto

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 and responsible for economic intermittency.

Contenuti

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.