RT Journal Article
T1 A complex systems approach to constructing better models for managing financial markets and the economy
A1 Farmer, J. Doyne
A1 Gallegati, M.
A1 Hommes, C.
A1 Kirman, A.
A1 Ormerod, P.
A1 Cincotti, S.
A1 Sánchez, Angel
A1 Helbing, D.
AB We 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.
PB Springer-Verlag
SN 1951-6355 (Print)
SN 1951-6401 (Online)
YR 2012
FD 2012-11
LK http://hdl.handle.net/10016/21359
UL http://hdl.handle.net/10016/21359
LA eng
NO The 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.
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