Taking the detailed balance condition (H. Peythan Young, 2005) or/and the time reversal transformation (Baiesi, Maes and Wynants, 2009) into consideration, we present the Bertrand-Edgeworth-Shapley cycle (Cason, Friedman and Wagener 2005) in a two-dimensional 5 × 5 lattices space based on our...

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...