Until very recently, the pervasive existence of models exhibiting well-defined backward dynamics but ill-defined forward dynamics in economics and finance has apparently posed no serious obstacles to the analysis of their dynamics and stability, despite the problems that may arise from possible...

The preponderance of the linear approach in the stock market modeling is the result of the Frisch-Slutsky paradigm which implies that the market can only converge to an equilibrium point or diverge, according to a monotonic or oscillatory trajectory. Moreover, this description of reality is...

We study the one-dimensional logistic map with parametric perturbation. Using a small periodic function as the perturbation, new attractors may appear. Beside these new attractors, complex attractors exist and are responsible for transients in many trajectories. We observe that each one of these...

The formation of regions through spatial self-organization is a key issue in spatial economics. The standard approach to the modelling of space in regional science has been to assume that space can be modelled as a one-dimensional system, often locations arrayed on a circle. This paper studies...

Based on a classical financial market model different model variants known from the literature are discussed and analyzed, each focussing on modeling financial markets as a nonlinear dynamic system by introducing the formation of (heterogeneous) beliefs about future asset prices into the model...

This article develops an example of Letiche’s article on phenomenal complexity by contrasting academic research projects that have contradictory findings concerning Disney. Some academics think Disney is unfairly critiqued while others think that Disney escapes. Phenomenal complexity theory is...

Documents a complex responsive process of profound organizational change taking place in a Dutch capital‐equipment manufacturing firm over a two‐year period beginning in September 1999. The primary focus of the initiative was on the transformation and development of the firm’s...