Archivio per 13 luglio 2013

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Lug
13

Complexity Economics: A Different Framework for Economic Thought

See on Scoop.itBounded Rationality and Beyond

Abstract: This paper provides a logical framework for complexity economics. Complexity economics builds from the proposition that the economy is not necessarily in equilibrium: economic agents (firms, consumers, investors) constantly change their actions and strategies in response to the outcome they mutually create. This further changes the outcome, which requires them to adjust afresh. Agents thus live in a world where their beliefs and strategies are constantly being “tested” for survival within an outcome or “ecology” these beliefs and strategies together create. Economics has largely avoided this nonequilibrium view in the past, but if we allow it, we see patterns or phenomena not visible to equilibrium analysis. These emerge probabilistically, last for some time and dissipate, and they correspond to complex structures in other fields. We also see the economy not as something given and existing but forming from a constantly developing set of technological innovations, institutions, and arrangements that draw forth further innovations, institutions and arrangements. 

See on www.santafe.edu

13
Lug
13

Complexity Economics: A Different Framework for Economic Thought

See on Scoop.itBounded Rationality and Beyond

Abstract: This paper provides a logical framework for complexity economics. Complexity economics builds from the proposition that the economy is not necessarily in equilibrium: economic agents (firms, consumers, investors) constantly change their actions and strategies in response to the outcome they mutually create. This further changes the outcome, which requires them to adjust afresh. Agents thus live in a world where their beliefs and strategies are constantly being “tested” for survival within an outcome or “ecology” these beliefs and strategies together create. Economics has largely avoided this nonequilibrium view in the past, but if we allow it, we see patterns or phenomena not visible to equilibrium analysis. These emerge probabilistically, last for some time and dissipate, and they correspond to complex structures in other fields. We also see the economy not as something given and existing but forming from a constantly developing set of technological innovations, institutions, and arrangements that draw forth further innovations, institutions and arrangements. 

See on santafe.edu

13
Lug
13

Research Heroes: Gerd Gigerenzer

See on Scoop.itBounded Rationality and Beyond

This week on Research Heroes we’re featuring professor Gerd Gigerenzer who is Director at the Max Planck Institute for Human Development in Berlin and former Professor of Psychology at the Universi…

See on indecisionblog.com

13
Lug
13

Research Heroes: Gerd Gigerenzer

See on Scoop.itBounded Rationality and Beyond

This week on Research Heroes we’re featuring professor Gerd Gigerenzer who is Director at the Max Planck Institute for Human Development in Berlin and former Professor of Psychology at the Universi…

See on indecisionblog.com

13
Lug
13

How Power Corrupts the Mind

See on Scoop.itBounded Rationality and Beyond

While at Columbia University, Andy J. Yap set up a simple experiment. After manipulating his subjects into powerful or weak states (in the lab, psychologists are the most powerful ones of all), Yap asked them to guess the height and weight of others both in person and from photographs.

“When people feel powerful or feel powerless, it influences their perception of others,” said Yap, who is now a postdoctoral researcher at MIT.  According to their understanding, we judge the power of others relative to our own: When we feel powerful, others appear less so –and powerlessness and smallness often go together in our minds. 

See on www.theatlantic.com

13
Lug
13

How Power Corrupts the Mind

See on Scoop.itBounded Rationality and Beyond

While at Columbia University, Andy J. Yap set up a simple experiment. After manipulating his subjects into powerful or weak states (in the lab, psychologists are the most powerful ones of all), Yap asked them to guess the height and weight of others both in person and from photographs.

“When people feel powerful or feel powerless, it influences their perception of others,” said Yap, who is now a postdoctoral researcher at MIT.  According to their understanding, we judge the power of others relative to our own: When we feel powerful, others appear less so –and powerlessness and smallness often go together in our minds. 

See on theatlantic.com




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