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The end of theory : financial crises, the failure of economics, and the sweep of human interaction /
Our economy may have recovered from the Great Recession--but not our economics. In The End of Theory, Richard Bookstaber, one of the world's leading risk managers, discusses why the human condition and the radical uncertainty of our world renders the standard economic model--and the theory behi...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Princeton, NJ :
Princeton University Press,
2017.
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| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Bookstaber, Richard M., |d 1950- |e author. | |
| 245 | 1 | 4 | |a The end of theory : |b financial crises, the failure of economics, and the sweep of human interaction / |c Richard Bookstaber. |
| 260 | |a Princeton, NJ : |b Princeton University Press, |c 2017. | ||
| 300 | |a 1 online resource | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
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| 504 | |a Includes bibliographical references and index. | ||
| 588 | 0 | |a Online resource; title from PDF title page (EBSCO, viewed March 27, 2017). | |
| 505 | 0 | |a Crises and sunspots -- Being human -- Social interactions and computational irreducibility -- the individual and the human wave : emergent phenomena -- Context and ergodicity -- Human experience and radical uncertainty -- Heuristics : how to act like a human -- Economics in crisis -- Agent-based models -- Agents in the complexity spectrum -- The structure of the financial system : agents and the environment -- Liquidity and crashes -- The 2008 crisis with an agent-based view -- Is it a number or a story? Model as narrative. | |
| 520 | |a Our economy may have recovered from the Great Recession--but not our economics. In The End of Theory, Richard Bookstaber, one of the world's leading risk managers, discusses why the human condition and the radical uncertainty of our world renders the standard economic model--and the theory behind it--useless for dealing with financial crises. What model should replace it? None. At least not any version we've been using for the past two hundred years. Instead, Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Bookstaber's groundbreaking paradigm promises to do a far better job at preventing crises and managing those that break out. As he explains, our varied memories and imaginations color our economic behavior in unexpected hues. Agent-based modeling embraces these nuances by avoiding the mechanistic, unrealistic structure of our current economic approach. Bookstaber tackles issues such as radical uncertainty, when circumstances take place beyond our anticipation, and emergence, when innocent, everyday interactions combine to create sudden chaos. Starting with the realization that future crises cannot be predicted by the past, he proposes an approach that recognizes the human narrative while addressing market realities. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel and innovative perspective, along with a more realistic and human framework, to help prevent today's financial system from blowing up again. | ||
| 546 | |a In English. | ||
| 590 | |a JSTOR |b Books at JSTOR Demand Driven Acquisitions (DDA) | ||
| 590 | |a JSTOR |b Books at JSTOR Evidence Based Acquisitions | ||
| 590 | |a JSTOR |b Books at JSTOR All Purchased | ||
| 650 | 0 | |a Financial crises |z Great Britain. | |
| 650 | 0 | |a Business failures |z Great Britain. | |
| 650 | 0 | |a Social interaction |z Great Britain. | |
| 650 | 6 | |a Krachs |z Grande-Bretagne. | |
| 650 | 6 | |a Interaction sociale |z Grande-Bretagne. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Economics |x General. |2 bisacsh | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Reference. |2 bisacsh | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Business failures |2 fast | |
| 650 | 7 | |a Financial crises |2 fast | |
| 650 | 7 | |a Social interaction |2 fast | |
| 651 | 7 | |a Great Britain |2 fast | |
| 650 | 7 | |a Finanzkrise |2 gnd | |
| 655 | 4 | |a Electronic books. | |
| 776 | 0 | 8 | |i Print version: |a Bookstaber, Richard M., 1950. |t End of theory. |d Princeton : Princeton University Press, 2017 |h viii, 226 Seiten |
| 856 | 4 | 0 | |u https://jstor.uam.elogim.com/stable/10.2307/j.ctvc776sc |z Texto completo |
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