Complexity
The TI-Complexity research field focuses on the analysis and empirical validation of behavioral micro, macro and finance models under “bounded” rationality, where agents are not fully rational, but behave in accordance with experimental and empirical evidence. A central question is: which emerging aggregate macro behavior arises through the interactions of individual micro decisions of boundedly rational heterogeneous agents? Focus topics are: Complex systems & nonlinear dynamics; Bounded rationality, learning & heterogeneous expectations; Behavioral & experimental macro-finance; Complex networks; Dynamic games in complex systems; Strategic interaction and (non-)cooperative games.
Complexity
The TI-Complexity research field focuses on the analysis and empirical validation of behavioral micro, macro and finance models under “bounded” rationality, where agents are not fully rational, but behave in accordance with experimental and empirical evidence. A central question is: which emerging aggregate macro behavior arises through the interactions of individual micro decisions of boundedly rational heterogeneous agents? Focus topics are: Complex systems & nonlinear dynamics; Bounded rationality, learning & heterogeneous expectations; Behavioral & experimental macro-finance; Complex networks; Dynamic games in complex systems; Strategic interaction and (non-)cooperative games.
Researchers in this field
Fellows
Fellows
PhD Students
PhD Students
Key Publications
Hommes, C. (2021). Behavioral and experimental macroeconomics and policy analysis: A complex systems approach Journal of Economic Literature, 59(1):149--219.
Fonseca, R., Michaud, P.C., Galama, T. and Kapteyn, A. (2021). Accounting for the Rise of Health Spending and Longevity Journal of the European Economic Association, 19(1):536--579.
Lindner, I. and Strulik, H. (2020). Innovation and inequality in a small world International Economic Review, 61(2):683--719.
Cornea-Madeira, A., Hommes, C. and Massaro, D. (2019). Behavioral Heterogeneity in U.S. Inflation Dynamics Journal of Business and Economic Statistics, 37(2):288--300.
Assenza, T., Heemeijer, P., Hommes, C. and Massaro, D. (2019). Managing self-organization of expectations through monetary policy: A macro experiment Journal of Monetary Economics, :.
Discussion Papers
21-081/II - What To Target? Insights from a lab experiment
Date: September 16, 2021
21-064/II - The Prekernel of Cooperative Games with Alpha-Excess
Date: July 06, 2021
21-028/II - Sharing the cost of cleaning up a polluted river
Date: April 05, 2021
21-024/II - Balanced Externalities and the Proportional Allocation of Nonseparable Contributions
Date: March 18, 2021
21-019/II - Networks, Communication and Hierarchy: Applications to Cooperative Games
Date: February 24, 2021
Academic Distinctions
July 01, 2021
ODISSEI Microdata Access Grant (MAG) for Titus Galama and Sjoerd...
Sjoerd van Alten,Titus Galama
June 17, 2021
Cars Hommes co-author of prize winning paper
Cars Hommes