Similar Search Results

Comments on ``Simple Measure for Complexity''

Crutchfield, James P.; Feldman, David P.; Shalizi, … - Santa Fe Institute - 1999

We critique the measure of complexity introduced by Shiner, Davison, and Landsberg in Ref. [1]. In particular, we point out that it is over-universal, in the sense that it has the same dependence on disorder for structurally distinct systems. We also point out a misinterpretation of a result...

Persistent link: https://www.econbiz.de/10005837725

Equilibrium Prices in Bundle Auctions

Wurman, Peter R.; Wellman, Michael P. - Santa Fe Institute - 1999

-commerce applications. In this paper we establish that competitive equilibrium bundle prices always exist that support the efficient …

Persistent link: https://www.econbiz.de/10005790739

Optimality and Natural Selection in Markets

Blume, Lawrence E.; Easley, David - Santa Fe Institute - 1998

Evolutionary arguments are often used to justify the fundamental behavioral postulates of competive equilibrium … these claims in an evolutionary general equilibrium model. If the economic environment were held constant, profitable firms … would grow and unprofitable firms would shrink. In the general equilibrium model, prices change as factor demands and output …

Persistent link: https://www.econbiz.de/10005790843

Inflationary Bias in a Simple Stochastic Economy

Karatzas, Ioannis; Shubik, Martin; Sudderth, William D.; … - Santa Fe Institute - 2001

We construct explicit equilibria for strategic market games used to model an economy with fiat money, one nondurable commodity, countably many time- periods, and a continuum of agents. The total production of the commodity is a random variable that fluctuates from period to period. In each...

Persistent link: https://www.econbiz.de/10005790933

On the Impossibility of Predicting the Behavior of Rational Agents

Foster, Dean P.; Young, H. Peyton - Santa Fe Institute - 2001

A foundational assumption in economics is that people are rational -- they choose optimal plans of action given their predictions about future states of the world. In games of strategy this means that each playersÕ strategy should be optimal given his or her prediction of the opponentsÕ...

Persistent link: https://www.econbiz.de/10005791069