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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Complex Systems Approach to Economic Dynamics

Complex Systems Approach to Economic Dynamics

Chian, Abraham C. -L

Paperback

Series: Lecture Notes in Economic and Mathematical Systems, Book 592

EconomicsGeneral MathematicsPhysics

ISBN10: 3540397523
ISBN13: 9783540397526
Publisher: Springer Nature
Published: Jul 13 2007
Pages: 101
Weight: 0.44
Height: 0.30 Width: 6.10 Depth: 9.10
Language: English
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.

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