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Home | People | Cars Hommes
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Cars Hommes

Research Fellow

University
University of Amsterdam
Research field
Complexity
Interests
Experimental Economics, Learning

Key publications

List of publications

C. Hommes. 2018. Carl's nonlinear cobweb. Journal of Economic Dynamics \& Control, 91, 7--20, 0165-1889

Cees Diks and Cars Hommes and Juanxi Wang. 2018. Critical slowing down as an early warning signal for financial crises?. Empirical Economics, 0377-7332

C. Hommes and J. Lustenhouwer and K. Mavromatis. 2018. Fiscal consolidations and heterogeneous expectations. Journal of Economic Dynamics \& Control, 87, 173--205, 0165-1889

Cars Hommes and Domenico Massaro and Isabelle Salle. 2018. MONETARY AND FISCAL POLICY DESIGN AT THE ZERO LOWER BOUND: EVIDENCE FROM THE LAB. Economic Inquiry, 0095-2583

A. Cornea-Madeira and C. Hommes and D. Massaro. 2017. Behavioral Heterogeneity in U.S. Inflation Dynamics. Journal of Business \& Economic Statistics, 0735-0015

T. Bao and C. Hommes and T. Makarewicz. 2017. Bubble formation and (in)efficient markets in learning-to-forecast and optimise experiments. Economic Journal, 127, F581--F609, 0013-0133

T. Assenza and W.A. Brock and C.H. Hommes. 2017. Animal spirits, heterogeneous expectations and the amplification and duration of crises. Economic Inquiry, 55, 542--564, 0095-2583

C. Hommes and T. Makarewicz and D. Massaro and T. Smits. 2017. Genetic algorithm learning in a New Keynesian macroeconomic setup. Journal of Evolutionary Economics, 27, 1133–1155, 0936-9937

C. Hommes and in ‘t Veld, D.. 2017. Booms, busts and behavioural heterogeneity in stock prices. Journal of Economic Dynamics \& Control, 80, 101--124, 0165-1889

da Gama Batista, Jo\~ao and D. Massaro and J.P. Bouchaud and D. Challet and C. Hommes. 2017. Do investors trade too much?: A laboratory experiment. Journal of Economic Behavior \& Organization, 140, 18--34, 0167-2681

A. Agliari and C.H. Hommes and N. Pecora. 2016. Path dependent coordination of expectations in asset pricing experiments: a behavioral explanation. Journal of Economic Behavior \& Organization, 121, 15--28, 0167-2681

C. Hommes and G. Iori. 2015. Introduction special issue crises and complexity. Journal of Economic Dynamics \& Control, 50, 1--4, 0165-1889

C. Hommes. 2015. [Review of: (2014) Rethinking housing bubbles: the role of household and bank balance sheets in modeling economic cycles]. Journal of Economic Psychology, 50, 138--142, 0167-4870

C.H. Hommes. 2015. Journal of Economic Dynamics \& Control (vol. 50, issue Special Issue Crisis \& Complexity, January 2015). Journal of Economic Dynamics \& Control, 50, 0165-1889

T. Assenza and J. Grazzini and C. Hommes and D. Massaro. 2015. PQ strategies in monopolistic competition: some insights from the lab. Journal of Economic Dynamics \& Control, 50, 62--77, 0165-1889

C. Hommes and M. Zhu. 2014. Behavioral learning equilibria. Journal of Economic Theory, 150, 778--814, 0022-0531

C. Hommes and P. Zeppini. 2014. Innovate or imitate? Behavioural technological change. Journal of Economic Dynamics \& Control, 48, 308--324, 0165-1889

C. Hommes. 2014. A reply to Rosser and Kirman. Journal of Economic Methodology, 21, 317--321, 1350-178X

T. Bao and J. Duffy and C. Hommes. 2013. Learning, forecasting and optimizing: an experimental study. European Economic Review, 61, 186--204, 0014-2921

M. Anufriev and C.H. Hommes and R.H.S. Philipse. 2013. Evolutionary selection of expectations in positive and negative feedback markets. Journal of Evolutionary Economics, 23, 663--688, 0936-9937

C. Hommes and T. Lux. 2013. Individual expectations and aggregate behavior in learning-to-forecast experiments. Macroeconomic Dynamics, 17, 373--401, 1365-1005

M. Anufriev and T. Assenza and C. Hommes and D. Massaro. 2013. Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations. Macroeconomic Dynamics, 17, 1574--1604, 1365-1005

A. Hüsler and D. Sornette and C.H. Hommes. 2013. Super-exponential bubbles in lab experiments: evidence for anchoring over-optimistic expectations on price. Journal of Economic Behavior \& Organization, 92, 304--316, 0167-2681

C. Hommes. 2013. Reflexivity, expectations feedback and almost self-fulfilling equilibria: economic theory, empirical evidence and laboratory experiments. Journal of Economic Methodology, 20, 406--419, 1350-178X

M. Anufriev and C. Hommes. 2012. Evolutionary selection of individual expectations and aggregate outcomes in asset pricing experiments. American Economic Journal. Microeconomics, 4, 35--64, 1945-7669

P. Heemeijer and C.H. Hommes and J. Sonnemans and J. Tuinstra. 2012. An experimental study on expectations and learning in overlapping generations models. Studies in Nonlinear Dynamics and Econometrics, 16, 1558-3708

C.H. Hommes and T. Kiseleva and Y. Kuznetsov and M. Verbic. 2012. Is more memory in evolutionary selection (de)stabilizing?. Macroeconomic Dynamics, 16, 335--357, 1365-1005

C.H. Hommes and M.I. Ochea. 2012. Multiple equilibria and limit cycles in evolutonary games with Logit Dynamics. Games and Economic Behavior, 74, 434--441, 0899-8256

T. Bao and C.H. Hommes and J. Sonnemans and J. Tuinstra. 2012. Individual expectations, limited rationality and aggregate outcomes. Journal of Economic Dynamics \& Control, 36, 1101--1120, 0165-1889

C. Hommes. 2011. The heterogeneous expectations hypothesis: Some evidence from the lab. Journal of Economic Dynamics \& Control, 35, 1--24, 0165-1889

C. Hommes and F. Wagener. 2010. Does eductive stability imply evolutionary stability?. Journal of Economic Behavior \& Organization, 75, 25--39, 0167-2681

W.A. Brock and C.H. Hommes and F.O.O. Wagener. 2009. More hedging instruments may destabilize markets. Journal of Economic Dynamics \& Control, 33, 1912--1928, 0165-1889

L. Gardini and C. Hommes and F. Tramontana and de Vilder, R.. 2009. Forward and backward dynamics in implicitly defined overlapping generations models. Journal of Economic Behavior \& Organization, 71, 110--129, 0167-2681

P. Heemeijer and C. Hommes and J. Sonnemans and J. Tuinstra. 2009. Price stability and volatility in markets with positive and negative expectations feedback: an experimental investigation. Journal of Economic Dynamics \& Control, 33, 1052--1072, 0165-1889

A. Gaunersdorfer and C.H. Hommes and F.O.O. Wagener. 2008. Bifurcation routes to volatility clustering under evolutionary learning. Journal of Economic Behavior \& Organization, 67, 27--47, 0167-2681

C. Diks and C. Hommes and V. Panchenko and van der Weide, R.. 2008. E\&F Chaos: a user friendly software package for nonlinear economic dynamics. Computational Economics, 32, 221--244, 0927-7099

C. Hommes and J. Sonnemans and J. Tuinstra and van de Velden, H.. 2008. Expectations and bubbles in asset pricing experiments. Journal of Economic Behavior \& Organization, 67, 116--133, 0167-2681

C.H. Hommes and J.H. Sonnemans and J. Tuinstra and van de Velden, H.. 2007. Learning in cobweb experiments. Macroeconomic Dynamics, 11, 8--33, 1365-1005

H.P. Boswijk and C.H. Hommes and S. Manzan. 2007. Behavioral heterogeneity in stock prices. Journal of Economic Dynamics \& Control, 31, 1938--1970, 0165-1889

W. Brock and P. Dindo and C. Hommes. 2006. Adaptive rational equilibrium with forward looking agents. International Journal of Economic Theory, 2, 241--278, 1742-7355

C. Chiarella and X.Z. He and C.H. Hommes. 2006. A dynamic analysis of moving average rules. Journal of Economic Dynamics \& Control, 30, 1729--1753, 0165-1889

C.H. Hommes and S. Manzan. 2006. Comments on 'Testing for nonlinear structure and chaos in economic time series'. Journal of Macroeconomics, 28, 169--174, 0164-0704

C.H. Hommes and J.H. Sonnemans and J. Tuinstra and van de Velden, H.. 2005. Coordination of expectations in asset pricing experiments. The Review of Financial Studies, 18, 955--980, 0893-9454

W.A. Brock and C.H. Hommes and F.O.O. Wagener. 2005. Evolutionary dynamics in markets with many trader types. Journal of mathematical economics, 41, 7--42, 0304-4068

C.H. Hommes and H. Huang and D. Wang. 2005. A robust rational route to randomness in a simple asset pricing model. Journal of Economic Dynamics \& Control, 29, 1043--1072, 0165-1889

C.H. Hommes and J.H. Sonnemans and J. Tuinstra and van de Velden, H.. 2005. A strategy experiment in dynamic asset pricing. Journal of Economic Dynamics \& Control, 29, 823--843, 0165-1889

J.H. Sonnemans and C.H. Hommes and J. Tuinstra and van de Velden, H.. 2004. The instability of a heterogeneous cobweb economy: a strategy experiment on expectation formation. Journal of Economic Behavior \& Organization, 54, 453--481, 0167-2681

E. Droste and C.H. Hommes and J. Tuinstra. 2002. Endogenous Fluctuations under Evolutionary Pressure in Cournot competition. Games and Economic Behavior, 40, 232--269, 0899-8256

C.H. Hommes and Rosser Jr, J.B.. 2001. Consistent expectations equilibria and complex dynamics in renewable resource markets. Macroeconomic Dynamics, 5, 180--203, 1365-1005

C.H. Hommes. 2001. Financial markets as complex adaptive evolutionary systems. Quantitative Finance, 1, 149--167, 1469-7688

C. Hommes. 2001. Bookreview: Nonlinear Dynamics. A primer [Review of: A. Medio, M. Lines (2001) Nonlinear Dynamics. A primer]. De Economist, 152, 0013-063X

W.D. Dechert and C.H. Hommes. 2000. Complex Nonlinear Dynamics and Computational Methods. Journal of Economic Dynamics \& Control, 24, 651--662, 0165-1889

W.A. Goeree and C.H. Hommes. 2000. Heterogeneous beliefs and the non-linear cobweb model. Journal of Economic Dynamics \& Control, 24, 761--798, 0165-1889

C. Hommes. 1999. Book review: Economic Dynamics. Phase diagrams and their economic application [Review of: Economic Dynamics. Phase diagrams and their economic application]. De Economist, 147, 0013-063X

C.H. Hommes and G. Sorger. 1998. Consistent expectations equilibria. Macroeconomic Dynamics, 2, 287--321, 1365-1005

J.K. Goeree and C.H. Hommes and H.N. Weddepohl. 1998. Stability and complex dynamics in a discrete tatonnement model. Journal of Economic Behavior \& Organization, 33, 395--410, 0167-2681

C.H. Hommes. 1998. On the consistency of backward looking expectations. The case of the cobweb. Journal of Economic Behavior \& Organization, 33, 333--362, 0167-2681

W.A. Brock and C.H. Hommes. 1998. Heterogeneous beliefs and routes to chaos in a simple asset pricing model. Journal of Economic Dynamics \& Control, 22, 1235--1274, 0165-1889

C.H. Hommes and G. Sorger. 1998. Consistent Expectations. Equilibria. Macroeconomic Dynamics, 2, 287--321, 1365-1005

W.A. Brock and C.H. Hommes. 1997. A rational route to randomness. Econometrica, 65, 1059--1095, 0012-9682

G. Feichtinger and C.H. Hommes and A. Milik. 1997. Chaotic consumption patterns in a simple 2-D addiction model.. Economic Theory, 10, 147--173, 0938-2259

C. Hommes. 1996. Book review: Chaotic dynamics. Theory and applications to economics [Review of: A. Medio. Chaotic dynamics. Theory and applications to economics]. De Economist, 144, 0013-063X

C.H. Hommes and van Eekelen, A.. 1996. Partial equilibrium analysis in a noisy chaotic market.. Economics Letters, 53, 275--282, 0165-1765

C.H. Hommes and H.E. Nusse and A. Simonovits. 1995. Cycles and chaos in a socialist economy. Journal of Economic Dynamics \& Control, 19, 155--179, 0165-1889

C.H. Hommes. 1995. A reconsideration of Hicks' nonlinear trade cycle model. Structural Change and Economic Dynamics, 6, 435--459, 0954-349X

C.H. Hommes. 1994. Dynamics of the cobweb model with adaptive expectations and non-linear supply and demand. Journal of Economic Behavior \& Organization, 24, 315--335, 0167-2681

C.H. Hommes. 1994. Cobweb dynamics under bounded rationality. Journal of Economic Behavior \& Organization, 24, 315--336, 0167-2681

C. Hommes. 1993. Book review: Chaos and order in the capital markets. A new view of cycles, prices andmarket volatility [Review of: E.E. Peters. Chaos and order in the capital markets. A new view of cycles, prices andmarket volatility]. De Economist, 141, 0013-063X

C.H. Hommes. 1993. Periodic, almost periodic and chaotic dynamics in Hicks' nonlinear trade cycle. Economics Letters, 41, 391--397, 0165-1765

C.H. Hommes. 1993. Periodic, almost periodic and chaotic dynamics in Hicks nonlinear trade cycle model. Economics Letters, 41, 391--397, 0165-1765

C.H. Hommes. 1991. Adaptive learning and roads to chaos: the case of the cobweb. Economics Letters, 36, 127--132, 0165-1765

C.H. Hommes and H.E. Nusse. 1991. 'Period three to period two' bifurcation for piecewise linear models. Journal of Economics, 54, 157--169, 0361-6576

H.E. Nusse and C.H. Hommes. 1990. Resolution of chaos with application to a modified Samuelson model. Journal of Economic Dynamics \& Control, 14, 1--19, 0165-1889

C.H. Hommes and H.E. Nusse. 1989. Does an unstable Keynesian unemployment equilibrium in a non-Walrasian dynamic macromodel imply chaos?. The Scandinavian Journal of Economics, 91, 161--167, 0347-0520