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A complex systems approach to constructing better models for managing financial markets and the economy

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dc.affiliation.dptoUC3M. Departamento de Matemáticases
dc.affiliation.grupoinvUC3M. Grupo de Investigación: Interdisciplinar de Sistemas Complejos (GISC)es
dc.contributor.authorFarmer, J. Doyne
dc.contributor.authorGallegati, M.
dc.contributor.authorHommes, C.
dc.contributor.authorKirman, A.
dc.contributor.authorOrmerod, P.
dc.contributor.authorCincotti, S.
dc.contributor.authorSánchez, Angel
dc.contributor.authorHelbing, D.
dc.date.accessioned2015-07-06T11:08:28Z
dc.date.available2015-07-06T11:08:28Z
dc.date.issued2012-11
dc.description.abstractWe outline a vision for an ambitious program to understand the economy and financial markets as a complex evolving system of coupled networks of interacting agents. This is a completely different vision from that currently used in most economic models. This view implies new challenges and opportunities for policy and managing economic crises. The dynamics of such models inherently involve sudden and sometimes dramatic changes of state. Further, the tools and approaches we use emphasize the analysis of crises rather than of calm periods. In this they respond directly to the calls of Governors Bernanke and Trichet for new approaches to macroeconomic modelling.en
dc.description.sponsorshipThe publication of this work was partially supported by the European Union’s Seventh Framework Programme (FP7/2007-2013) under grant agreement No. 284709, a Coordination and Support Action in the Information and Communication Technologies activity area (‘FuturICT’ FET Flagship Pilot Project). Doyne Farmer, Mauro Gallegati and Cars Hommes also acknowledge financial support from the EU-7th framework collaborative project “Complexity Research Initiative for Systemic InstabilitieS (CRISIS)”, grant No. 288501. Cars Hommes acknowledges financial support from the Netherlands Organization for Scientific Research (NWO), project “Understanding Financial Instability through Complex Systems”. None of the above are responsible for errors in this paper.en
dc.description.statusPublicado
dc.format.extent30
dc.format.mimetypeapplication/pdf
dc.identifier.bibliographicCitationThe European Physical Journal Special Topics 214 (2012) 1, pp.325-346en
dc.identifier.doi10.1140/epjst/e2012-01696-9
dc.identifier.issn1951-6355 (Print)
dc.identifier.issn1951-6401 (Online)
dc.identifier.publicationfirstpage295
dc.identifier.publicationissue1
dc.identifier.publicationlastpage324
dc.identifier.publicationtitleThe European Physical Journal.Special Topicsen
dc.identifier.publicationvolume214
dc.identifier.urihttp://hdl.handle.net/10016/21359
dc.identifier.uxxiAR/0000011332
dc.language.isoeng
dc.publisherSpringer-Verlagen
dc.relation.projectIDinfo:eu-repo/grantAgreement/EC/FP7/288501en
dc.relation.projectIDinfo:eu-repo/grantAgreement/EC/FP7/284709en
dc.relation.projectIDGobierno de España. FIS2011-22449/PRODIEVO
dc.relation.publisherversionhttp://dx.doi.org/10.1140/epjst/e2012-01696-9
dc.rights© The Authorsen
dc.rights.accessRightsopen access
dc.subject.ecienciaMatemáticases
dc.subject.otherInterbank marketen
dc.subject.otheruncertaintyen
dc.subject.otherrisken
dc.subject.otherequilibriumen
dc.subject.otherrationalityen
dc.subject.othercriticalityen
dc.subject.othersimulationen
dc.titleA complex systems approach to constructing better models for managing financial markets and the economyen
dc.typeresearch article*
dc.type.hasVersionVoR*
dspace.entity.typePublication
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