Complexity and Endogenous Instability

The global financial crisis proved the critical impact of the gap between individual rationality and group rationality. This gap is not supposed to arise in a Neoclassical world, but it frequently arises in a world as complex as ours. The paper explores how endogenous instability might arise due to such a gap, and what behavioral rules might help to mitigate its impact.

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Year of publication:	2012
Authors:	Al-Suwailem, Sami
Institutions:	Dipartimento di Economia e Management, Università degli Studi di Trento
Subject:	fallacy of composition \| empathy \| n-person prisoner’s dilemma games \| n-person zero-sum games \| symmetry \| the golden rule

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Extent:	application/pdf
Series:	ASSRU Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 1203
Classification:	C70 - Game Theory and Bargaining Theory. General ; D03 - Behavioral Economics; Underlying Principles ; D87 - Neuroeconomics ; G01 - Financial Crises
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009421509