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
Cornea-Madeira, A., Hommes, C., and Massaro, D. (2017). Behavioral heterogeneity in U.S. inflation dynamics. Journal of Business & Economic Statistics. With supplemental material.
Bao, T., Hommes, C., and Makarewicz, T. (2017). Bubble formation and (in)efficient markets in learning-to-forecast and optimise experiments. Economic Journal, 127(605):F581-F609. With supplementary file - In feature issue.
Diks, C. and Wolski, M. (2016). Nonlinear granger causality: Guidelines for multivariate analysis. Journal of Applied Econometrics, 31(7):1333-1351. With supporting information.
Wagener, F. (2014). Expectations in experiments. Annual Review of Economics, 6:421-443.
Ju, Y., Chun, Y., and van den Brink, J. (2014). Auctioning and selling positions: A noncooperative approach to queueing conflicts. Journal of Economic Theory, 153(September):33-45.
Discussion Papers
19-076/II - Sequential bankruptcy problems
Date: November 16, 2019
19-072/II - Axiomatizations of the proportional division value
Date: November 01, 2019
19-064/II - The Shapley Value and Games with Hierarchies
Date: September 08, 2019
19-062/II - Winning Coalitions in Plurality Voting Democracies
Date: August 26, 2019
19-049/II - "I" on You: Identity in the Dictator Game
Date: July 16, 2019
Upcoming events
Seminar
| Amsterdam | 12:00 - 13:15
Providing managerial accounting information in the presence of...
Michael Kopel (University of Graz, Austria)
- TI Complexity in Economics Seminars
Seminar
| Amsterdam | 16:00 - 17:15
To be announced
Nicola Fuchs-Schündeln (Goethe University Frankfurt, Germany)
- TI Complexity in Economics Seminars