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:	2014
Authors:	Al-Suwailem, Sami
Published in:	Research in International Business and Finance. - Elsevier, ISSN 0275-5319. - Vol. 30.2014, C, p. 393-410
Publisher:	Elsevier
Subject:	Fallacy of composition \| Empathy \| n-Person Prisoner's Dilemma games \| n-Person zero-sum games \| Symmetry \| The Golden Rule

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Type of publication:	Article
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/10010719028