Doyne Farmer - Complexity economics and stochastic processes

8 November 16:15
L4, Mathematical Institute, Oxford

Professor Doyne Farmer

farmer doyne

Complexity economics and stochastic processes

Complexity economics is an approach to economics based on behavioral rules rather than utility maximization. Interest is building because of its scalability, which makes it possible to model complicated economic problems in a more tractable manner. I will explain the basic philosophy and give examples from financial stability, macroeconomics, market ecology and climate change.