The new evolutionary computational paradigm of complex adaptive systems. Challenges and prospects for economics and finance
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- @TechReport{markoso:2001:CFtr,
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author = "Sheri M. Markose",
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title = "The new evolutionary computational paradigm of complex
adaptive systems. Challenges and prospects for
economics and finance",
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institution = "Department of Economics, University of Essex",
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year = "2001",
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type = "Discussion paper series",
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number = "532",
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month = jul,
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note = "See Kluwer series on Computational Finance, Jan 2002",
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email = "scher@essex.ac.uk",
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keywords = "genetic algorithms, genetic programming",
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URL = "http://www.essex.ac.uk/economics/discussion-papers/papers-text/dp532.pdf",
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size = "53 pages",
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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
Godel-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.",
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notes = "See \cite{Markose:2002:gagpcf}",
- }
Genetic Programming entries for
Sheri M Markose
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