The New Evolutionary Computational Paradigm of Complex Adaptive Systems: Challenges and Prospects for Economics and Finance

Created by W.Langdon from gp-bibliography.bib Revision:1.3973

@InCollection{Markose:2002:gagpcf,
  author =       "Sheri M. Markose",
  title =        "The New Evolutionary Computational Paradigm of Complex
                 Adaptive Systems: Challenges and Prospects for
                 Economics and Finance",
  booktitle =    "Genetic Algorithms and Genetic Programming in
                 Computational Finance",
  publisher =    "Kluwer Academic Press",
  year =         "2002",
  editor =       "Shu-Heng Chen",
  chapter =      "21",
  pages =        "443--484",
  keywords =     "genetic algorithms, genetic programming",
  ISBN =         "0-7923-7601-3",
  URL =          "http://www.essex.ac.uk/economics/discussion-papers/papers-text/dp532.pdf",
  URL =          "http://www.springer.com/economics/economic+theory/book/978-0-7923-7601-9",
  DOI =          "doi:10.1007/978-1-4615-0835-9_21",
  size =         "53 pages",
  abstract =     "The new evolutionary computational paradigm of market
                 systems views these as complex adaptive systems. The
                 major premise of 18th century classical political
                 economy was that order in market systems is spontaneous
                 or emergent, in that it is the result of human action
                 but not of human design. This early observation on the
                 disjunction between system wide outcomes and
                 capabilities of micro level rational calculation marks
                 the provenance of modern evolutionary thought. However,
                 it will take a powerful confluence of two 20th century
                 epochal developments for the new evolutionary
                 computational paradigm to rise to the challenge of
                 providing long awaited explanations of what has
                 remained anomalies or outside the ambit of traditional
                 economic analysis. The first of these is the
                 Goedel-Turing-Post results on incompleteness and
                 algorithmically unsolvable problems that delimit
                 formalist calculation or deductive methods. The second
                 is the Anderson-Holland-Arthur heterogeneous adaptive
                 agent theory and models for inductive search, emergence
                 and self-organised criticality which can crucially show
                 and explicitly study the processes underpinning the
                 emergence of ordered complexity. Multi agent model
                 simulation of asset price formation and the innovation
                 based structure changing dynamics of capitalist growth
                 are singled out for analysis of this disjunction
                 between non-anticipating global outcomes and
                 computational micro rationality.",
  notes =        "part of \cite{chen:2002:gagpcf}",
}

Genetic Programming entries for Sheri M Markose

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