Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

Abstract

Recognizing that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments. The complexity modeling paradigm has been strongly… (More)

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@inproceedings{Arrow2013BehavioralRA, title={Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems}, author={Kenneth J. Arrow and Joan L. Kenney and Thomas J. Sargent}, year={2013} }