Complex Systems Approach to Economic Dynamics (Lecture Notes in Economics and Mathematical Systems, 592) - Softcover

Chian, Abraham C.-L.

 
9783540397526: Complex Systems Approach to Economic Dynamics (Lecture Notes in Economics and Mathematical Systems, 592)
Softcover
ISBN 10: 3540397523 ISBN 13: 9783540397526
Publisher: Springer, 2007

Synopsis

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.

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Publisher
Springer
Publication date
2007
Language
English
ISBN 10 
3540397523
ISBN 13 
9783540397526
Binding
Paperback
Number of pages
111