Complexity
The TI-Complexity research field focuses on the analysis and empirical validation of behavioral micro, macro and finance models under “bounded” rationality, where agents are not fully rational, but behave in accordance with experimental and empirical evidence. A central question is: which emerging aggregate macro behavior arises through the interactions of individual micro decisions of boundedly rational heterogeneous agents? Focus topics are: Complex systems & nonlinear dynamics; Bounded rationality, learning & heterogeneous expectations; Behavioral & experimental macro-finance; Complex networks; Dynamic games in complex systems; Strategic interaction and (non-)cooperative games.
Complexity
The TI-Complexity research field focuses on the analysis and empirical validation of behavioral micro, macro and finance models under “bounded” rationality, where agents are not fully rational, but behave in accordance with experimental and empirical evidence. A central question is: which emerging aggregate macro behavior arises through the interactions of individual micro decisions of boundedly rational heterogeneous agents? Focus topics are: Complex systems & nonlinear dynamics; Bounded rationality, learning & heterogeneous expectations; Behavioral & experimental macro-finance; Complex networks; Dynamic games in complex systems; Strategic interaction and (non-)cooperative games.
Researchers in this field
Fellows
Fellows
PhD Students
PhD Students
Key Publications
Hommes, C. (2021). Behavioral and experimental macroeconomics and policy analysis: A complex systems approach Journal of Economic Literature, 59(1):149--219.
Lindner, I. and Strulik, H. (2020). Innovation and inequality in a small world International Economic Review, 61(2):683--719.
Cornea-Madeira, A., Hommes, C. and Massaro, D. (2019). Behavioral Heterogeneity in U.S. Inflation Dynamics Journal of Business and Economic Statistics, 37(2):288--300.
Assenza, T., Heemeijer, P., Hommes, C. and Massaro, D. (2019). Managing self-organization of expectations through monetary policy: A macro experiment Journal of Monetary Economics, :.
Anufriev, M., Hommes, C. and Makarewicz, T. (2019). Simple Forecasting Heuristics that Make us Smart: Evidence from Different Market Experiments Journal of the European Economic Association, 17(5):1538–1584.
Discussion Papers
21-028/II - Sharing the cost of cleaning up a polluted river
Date: April 05, 2021
21-024/II - Balanced Externalities and the Proportional Allocation of Nonseparable Contributions
Date: March 18, 2021
21-019/II - Networks, Communication and Hierarchy: Applications to Cooperative Games
Date: February 24, 2021
20-054/II - Compromising between the proportional and equal division values: axiomatization, consistency and implementation
Date: September 01, 2020
20-043/II - Equal Loss under Separatorization and Egalitarian Values
Date: July 18, 2020