This chapter aims to (1) set enough of the mathematics of dynamical systems from the perspective of chaos theory so that the endogenous emergence of chaotic dynamics and other highly complex dynamics are understood, (ii) measures of instability and complexity are explained, (iii) how one tests...

This outstanding collection of William Brock's essays illustrates the power of dynamic modelling to shed light on the forces for stability and instability in economic systems. The articles selected reflect his best work and are indicative both of the type of policy problem that he finds...

In this paper we solve a stochastic dynamic programming problem for the solution to a dynamic game in which the players select a mean level of control. The state transition dynamics are a function of the current state of the system and a multiplicative noise factor on the control variables of...

Although there is a consensus about time variation in market betas, it is not clear how this variation should be captured. Several researchers continue to analyze different versions of the conditional CAPM. However, Ghysels (1998) shows that these conditional CAPM models fail to capture the...

The study tests whether strong rather than weak ties account for small business growth in Turkey. Data were collected by means of a questionnaire filled out by the owners of small firms operating in four cities. Growth is comprised of two main areas, production expansion and knowledge...