Standard neoclassical economics asks what agents' actions, strategies, or expectations are in equilibrium with (consistent with) the outcome or pattern these behaviors aggregatively create. Agent-based computational economics enables us to ask a wider question: how agents' actions, strategies,...

Standard neoclassical economics asks what agents' actions, strategies, or expectations are in equilibrium with (consistent with) the outcome or pattern these behaviors aggregatively create. Agent-based computational economics enables us to ask a wider question: how agents' actions, strategies,...

The standard mode of theorizing assumed in economics deductive--it assumes that human agents derive their conclusions by logical processes from complete, consistent and well-defined premises in a given problem. This works well in simple problems, but it breaks down beyond a "problem complexity...

Complexity research draws on complexity in various disciplines. This Handbook provides a comprehensive and current overview of applications of complexity theory in economics. The 15 chapters, written by leading figures in the field, cover such broad topic areas as conceptual issues,...

It is often taken for granted that as systems evolve over time they tend to become more complex. But little is understood about the mechanisms that might cause evolution to favor increases in complexity over time. This paper proposes three means by which complexity tends to grow as systems...