Synopsis
Excerpt from Deterministic Chaos in an Experimental Economic System
Recent work in the physical sciences has shown deterministic chaos to be a common mode of behavior in dynamic systems, thus stimulating the search for chaos and other highly nonlinear phenomena in human systems. Indeed, there has been a near explosion of models and empirical studies which seek to show the relevance of nonlinear dynamics and chaos in social and economic settings. Several journals have devoted special issues to chaos and models of nonlinear, disequilibrium dynamics in human systems.1 This robust literature can be divided roughly into (1) theoretical models of nonlinear dynamics, and (2) empirical studies which seek evidence of chaos in economic data.
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About the Author
John Sterman (Lexington, MA) teaches at the Sloan School of Management and direct MIT's System Dynamics Group.
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Deterministic Chaos in an Experimental Economic System (Classic Reprint)
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Paperback. Condition: New. Print on Demand. This book ventures into the unexplored territory of human behavioral patterns revealed through experimental economics and simulations. The author masterfully employs laboratory studies to investigate dynamic decision-making processes, shedding light on how individuals respond to economic systems in disequilibrium. The experiments challenge the prevailing assumption that human behavior in these systems is stable and optimal, highlighting instead the complex and often chaotic dynamics that can emerge. Through mathematical models grounded in psychology and economics, the author demonstrates how seemingly rational decision rules can lead to unexpected outcomes. This cutting-edge research provides valuable insights into the potential for deterministic chaos in human decision-making, challenging conventional wisdom and opening up new avenues for understanding complex economic phenomena. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781330801291_0
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