Complex Systems Approach to Economic Dynamics [electronic resource] /
Chian, Abraham C.-L.author.
Economic Systems exhibit complex dynamics evidenced by large-amplitude and aperiodic fluctuations in economic variables, such as foreign exchange rates and stock market prices, indicating that these systems are driven far from the equilibrium. Characterization of the complex behavior of economic cycles, by identifying regular and irregular patterns and regime switching in economic time series, is the key for pattern recognition and forecasting of economic cycles. Statistical analysis of stock markets and foreign exchange markets has demonstrated the intermittent nature of economic time series. A nonlinear model of business cycles is able to simulate intermittency arising from order-chaos and chaos-chaos transitions. This monograph introduces new concepts of unstable periodic orbits and chaotic saddles which are unstable structures embedded in a chaotic attractor, responsible for economic intermittency.
Description based upon print version of record.
Includes bibliographical references (p. [91]-101).
Nonlinear Dynamics of Economic Cycles -- Type-I Intermittency in Nonlinear Economic Cycles -- Crisis-Induced Intermittency in Nonlinear Economic Cycles -- Attractor Merging Crisis in Nonlinear Economic Cycles -- Chaotic Transients in Nonlinear Economic Cycles -- Conclusion.
Economic Systems exhibit complex dynamics evidenced by large-amplitude and aperiodic fluctuations in economic variables, such as foreign exchange rates and stock market prices, indicating that these systems are driven far from the equilibrium. Characterization of the complex behavior of economic cycles, by identifying regular and irregular patterns and regime switching in economic time series, is the key for pattern recognition and forecasting of economic cycles. Statistical analysis of stock markets and foreign exchange markets has demonstrated the intermittent nature of economic time series. A nonlinear model of business cycles is able to simulate intermittency arising from order-chaos and chaos-chaos transitions. This monograph introduces new concepts of unstable periodic orbits and chaotic saddles which are unstable structures embedded in a chaotic attractor, responsible for economic intermittency.
Economic theory.
System theory.
Game theory.
Statistical physics.
Dynamical systems.
Macroeconomics.
Economic Theory/Quantitative Economics/Mathematical Methods.
Systems Theory, Control.
Game Theory, Economics, Social and Behav. Sciences.
Complex Systems.
Macroeconomics/Monetary Economics//Financial Economics.
Statistical Physics and Dynamical Systems.
Lecture notes in economics and mathematical systems