2014
DOI: 10.3390/e16095102
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Abstract: Many of the issues we face as a society are made more problematic by the rapidly changing context in which important decisions are made. For example buying a petrol powered car is most advantageous when there are many petrol pumps providing cheap petrol whereas buying an electric car is most advantageous when there are many electrical recharge points or high capacity batteries available. Such collective decision-making is often studied using economic game theory where the focus is on how individuals might reac… Show more

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Cited by 11 publications
(8 citation statements)
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“…The complexity of economic and financial systems have been in the focus of research from various perspectives, employing Ising models [15,16], agent-based models [17][18][19], and game theory [20]. The instabilities therein, observed as crises and crashes [21,22], are especially elusive and hard to model and predict [23,24].…”
Section: Introductionmentioning
confidence: 99%
See 1 more Smart Citation
“…The complexity of economic and financial systems have been in the focus of research from various perspectives, employing Ising models [15,16], agent-based models [17][18][19], and game theory [20]. The instabilities therein, observed as crises and crashes [21,22], are especially elusive and hard to model and predict [23,24].…”
Section: Introductionmentioning
confidence: 99%
“…Moreover, transfer entropybased methods yield state-of-the-art results in detecting information flows in computational neuroscience, bioinformatics, and financial economics [37]. Specific financial applications include estimation of serial irregularities and risk in time series or returns and inference of the global dependence networks of financial indices [20,[38][39][40][41][42]. We expand on previous results by investigating the evolution of dynamic causal networks (sometimes referred to as information flow networks) through time and analyzing their association with systemic risk in the market.…”
Section: Introductionmentioning
confidence: 99%
“…In recent years, a few scholars have applied the theory of entropy to the research on economic and management [ 29 , 30 ], Lou et al [ 31 ] analyzed the bullwhip effect in a supply chain with a sales game and consumer returns via the theory of entropy and complexity. Considering the current and the historical output, Han [ 32 ] focused on the influence of time delay parameter on the complexity of the system.…”
Section: Introductionmentioning
confidence: 99%
“…Harré and Bossomaier [59] consider, in a game-theoretic setting centered on the quantal response equilibrium, the issue of how changes in the players' underlying incentives can move the outcome from an optimal economy to a sub-optimal economy. This problem is complicated by the ensuing dynamics that may make it impossible for the players to collectively navigate a way to a better strategy without passing through a socially undesirable "tipping point" (a discontinuous transition), such as a financial market crash, economic depression or a catastrophic climate change.…”
Section: Special Issuementioning
confidence: 99%