Commerce, Complexity, and Evolution: Topics in Economics, Finance, Marketing, and Management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics

doi:10.1017/CBO9780511896682

Commerce, Complexity, and Evolution is a significant contribution to the paradigm - straddling economics, finance, marketing, and management - which acknowledges that commercial systems are evolutionary, and must therefore be analysed using evolutionary tools. Evolutionary systems display complicated behaviours which are to a significant degree generated endogenously, rather than being solely the product of exogenous shocks, hence the conjunction of complexity with evolution. This volume considers a wide range of systems, from the entire economy at one extreme to the behaviour of single markets at the other. The papers are united by methodologies which at their core are evolutionary, though the techniques cover a wide range, from philosophical discourse to differential equations, genetic algorithms, multi-agent simulations and cellular automata. Issues considered include the dynamics of debt-deflation, stock management in a complex environment, interactions between consumers and its effect upon market behaviour, and nonlinear methods to profit from financial market volatility.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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Series editor's preface
pp ix-xii
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Volume editors' preface
pp xiii-xx
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Editors
pp xxi-xxiv
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List of contributors
pp xxv-xxviii
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I - Philosophical and methodological implications of complexity and evolution in economic systems
pp 1-2
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1 - Toward a generalized Coase theorem: a theory of the emergence of social and institutional structures under imperfect information
pp 3-20
- By Bertin Martens, European Commission
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2 - Universal Darwinism and social research: the case of economics
pp 21-36
- By John Nightingale, Griffith University
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3 - Uncertainty, risk, and chaos
pp 37-60
- By James Juniper, University of South Australia
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4 - The role of innovation in economics
pp 61-80
- By Russell K. Standish, University of New South Wales
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II - Finance and the macroeconomy
pp 81-82
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5 - The nonlinear economics of debt deflation
pp 83-110
- By Steve Keen, University of Western Sydney Macarthur
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6 - The emergence of complex dynamics in a “naturally” nonlinear integrated Keynesian model of monetary growth
pp 111-146
- By Carl Chiarella, University of Technology Sydney, Peter Flaschel, University of Bielefeld
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7 - Stochastic volatility in interest rates and complex dynamics in velocity
pp 147-172
- By William A. Barnett, Washington University in St. Louis, Haiyang Xu, Washington University in St. Louis
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8 - A genetic-programming-based approach to the generation of foreign-exchange trading models
pp 173-190
- By Andrew Colin, Zurich Australia Funds Management
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9 - Hybrid option pricing with an optimal weighted implied standard deviation
pp 191-212
- By Paul Lajbcygier, Monash University, Andrew Flitman, Monash University, Marimuthu Palaniswami, University of Melbourne
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III - Market and sectoral dynamics
pp 213-214
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10 - Evolutionary patterns of multisectoral growth dynamics
pp 215-232
- By Hermann Schnabl, University of Stuttgart
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11 - The detection of evolutionary change in nonlinear economic processes: a new statistical methodology
pp 233-252
- By John Foster, University of Queensland, Phillip Wild, University of Manchester
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12 - Ergodic chaos in a piecewise linear cobweb model
pp 253-266
- By Akio Matsumoto, Chuo University
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13 - The cobweb model and a modified genetic algorithm
pp 267-276
- By Janice Gaffney, University of Adelaide, Krystyna Parrott, University of Adelaide, Charles Pearce, University of Adelaide, Franz Salzborn, University of Adelaide
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14 - The convergence of genetic learning algorithms, with particular reference to recent cobweb models
pp 277-288
- By C. E. M. Pearce, University of Adelaide
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IV - Marketing and interdependent behavior
pp 289-290
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15 - A complex-systems simulation approach to evaluating plan-based and reactive trading strategies
pp 291-312
- By Robert B. Johnson, Monash University, John M. Betts, Monash University
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16 - Genetic algorithms and evolutionary games
pp 313-334
- By Xin Yao, The University of Birmingham, Paul Darwen, Brandeis University
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17 - Evolved perception and the validation of simulation models
pp 335-350
- By Robert Marks, University of New South Wales
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18 - The application of cellular-automata and agent models to network externalities in consumers' theory: a generalization-of-life game
pp 351-372
- By Sobei H. Oda, Kyoto Sangyo University, Ken Miura, Kobe University, Kanji Ueda, Kobe University, Yasunori Baba, University of Tokyo
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19 - Engendering change
pp 373-394
- By Joshua S. Gans, University of Melbourne
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Commerce, Complexity, and Evolution

Topics in Economics, Finance, Marketing, and Management: Proceedings of the Twelfth International Symposium in Economic Theory and Econometrics

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