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Nonlinearity, Bounded Rationality, and Heterogeneity
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358 b
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This book follows a nonlinear approach in considering both chaotic dynamical models and agent-based simulation models of economics as well as their dynamical behaviors. Three key words arising in this context are nonlinearity , bounded rationality and heterogeneity , which make up the title of the book. Nonlinearity is the warp that runs throughout all models because systems that exhibit chaotic or other complex behavior in the absence of any exogenous disturbances are absolutely nonlinear. Bounded rationality constitutes the woof because economic systems do not exhibit complex behavior if all agents are perfectly rational as is usually assumed in neoclassical economics. Agents who are boundedly rational have to struggle to do their best under informational restriction and tend to adapt themselves to the economic environment without knowing what is the best. Furthermore, heterogeneity of firms or consumers dyes the fabric of complex dynamics woven from the warp and woof.
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