IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1995_num_46_6_409748.html
   My bibliography  Save this article

Adaptive Behavior, Market Processes and the Computable Approach

Author

Listed:
  • Axel Leijonhufvud

Abstract

[fre] Les économies sont des systèmes dynamiques adaptatifs complexes. Pour­tant, l'analyse économique est rivée à une méthodologie qui est tout à fait diffé­rente de celle mise en œuvre dans d'autres domaines, tels que l'écologie, les sciences cognitives ou l'informatique, où les mêmes types de système sont étu­diés. L'analyse économique « calculatoire » tente de réorienter l'économie de telle manière à rendre faisable une interaction plus profitable avec ces autres domai­nes scientifiques.. Nombre de questions commodément ignorées dans la théorie standard peu­vent être prises en considération au moyen de simulations numériques. On peut modéliser des processus économiques plutôt que simplement leur terme pré­sumé, par exemple, et être explicite à propos des structures en réseau des inte­ractions de marché. La modélisation des processus d'échange fait apparaître nombre de questions en relation avec le traitement du temps en théorie économi­que. Une question particulière, celui de télescopage de la perspective temporelle dans les situations d'inflation élevée, est discutée en détail. L'explication précé­demment proposée par M. Allais est considérée et une explication alternative est suggérée. [eng] Economies are evolving, complex, adaptive dynamic systems. Yet, economics is com­mitted to a methodology that is quite different from that of other fields, such as ecology or brain research or computer science, in which such systems are studied. Computable economics attempts to reorient economics so as to make feasible a more fruitful interac­tion with these other fields.. A number of problems conveniently ignored in standard theory can be tackled by com­puter simulation. One may model economic processes rather than just their presumed end-states, for example, and be explicit about the network structure of market interac­tions. The modelling of trading processes raises a number of problems relating to the treatment of time in economic theory. One particular problem, the 'telescoping' of tem­poral perspective observed in high inflations, is discussed at length. The explanation pre­viously offered by Maurice Allais is considered and an alternative one suggested.

Suggested Citation

  • Axel Leijonhufvud, 1995. "Adaptive Behavior, Market Processes and the Computable Approach," Revue Économique, Programme National Persée, vol. 46(6), pages 1497-1510.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_6_409748
    DOI: 10.3406/reco.1995.409748
    Note: DOI:10.3406/reco.1995.409748
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/reco.1995.409748
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

    File URL: https://www.persee.fr/doc/reco_0035-2764_1995_num_46_6_409748
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

    File URL: https://libkey.io/10.3406/reco.1995.409748?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Allais, Maurice, 1972. "Forgetfulness and Interest," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 4(1), pages 40-73, Part I Fe.
    2. Heymann, Daniel & Leijonhufvud, Axel, 1995. "High Inflation: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288442.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Edoardo Gaffeo & Domenico Delli Gatti & Saul Desiderio & Mauro Gallegati, 2008. "Adaptive Microfoundations for Emergent Macroeconomics," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 34(4), pages 441-463.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pablo de la Vega & Guido Zack & Jimena Calvo & Emiliano Libman, 2024. "Inflation Determinants in Argentina (2004-2022)," Papers 2405.20822, arXiv.org.
    2. Emilio Ocampo, 2021. "A Brief History of Hyperinflation in Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 787, Universidad del CEMA.
    3. Evan Osborne, 2003. "Unlucky or Bad? Economic Policy and Economic Growth," ISER Discussion Paper 0583, Institute of Social and Economic Research, Osaka University.
    4. Andrew Filardo & Marco Jacopo Lombardi & Marek Raczko, 2018. "Measuring financial cycle time," BIS Working Papers 755, Bank for International Settlements.
    5. Huberto M. Ennis, 2009. "Avoiding The Inflation Tax," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(2), pages 607-625, May.
    6. Ramzi Klabi, 2019. "Maurice Allais on the quantity theory of money: the ontological restatement," Post-Print hal-02417403, HAL.
    7. Robin Pope & Reinhard Selten & Sebastian Kube & Jürgen von Hagen, 2006. "Experimental Evidence on the Benefits of Eliminating Exchange Rate Uncertainties and Why Expected Utility Theory causes Economists to Miss Them," Labsi Experimental Economics Laboratory University of Siena 010, University of Siena.
    8. Laura Inés D’Amato & María Lorena Garegnani, 2013. "¿Cuán persistente es la inflación en Argentina?: regímenes inflacionarios y dinámica de precios en los últimos 50 años," Investigación Conjunta-Joint Research, in: Laura Inés D'Amato & Enrique López Enciso & María Teresa Ramírez Giraldo (ed.), Dinámica inflacionaria, persistencia y formación de precios y salarios, edition 1, chapter 4, pages 91-115, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    9. Jozsef Sakovics & Daniel Friedman, 2011. "The marginal utility of money: A modern Marshallian approach to consumer choice," Edinburgh School of Economics Discussion Paper Series 209, Edinburgh School of Economics, University of Edinburgh.
    10. Emilian Libman & Leonardo Stanley, 2022. "Goodbye Capital Controls, Hello IMF Loans, Welcome Back Financial Repression. Notes on Argentina’s 2018/2019 Currency Crash," Ensayos de Economía 20584, Universidad Nacional de Colombia Sede Medellín.
    11. Daniel Friedman & József Sákovics, 2015. "Tractable consumer choice," Theory and Decision, Springer, vol. 79(2), pages 333-358, September.
    12. Walter Bossert & Conchita D'Ambrosio, 2013. "Measuring Economic Insecurity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(3), pages 1017-1030, August.
    13. J. Daniel Aromí & Martín Llada, 2024. "Are professional forecasters inattentive to public discussions? The case of inflation in Argentina," Working Papers 300, Red Nacional de Investigadores en Economía (RedNIE).
    14. Murray A. Rudd, 2022. "100 Important Questions about Bitcoin’s Energy Use and ESG Impacts," Challenges, MDPI, vol. 14(1), pages 1-16, December.
    15. Anonymous or collective, 1991. "II- Comment se forment les anticipations d'inflation ?," Économie et Prévision, Programme National Persée, vol. 99(3), pages 13-29.
    16. Rapetti, Martin, 2005. "The Argentine Macroeconomy during the Post-Convertibility Period: Performance, Debates and Perspectives," MPRA Paper 57901, University Library of Munich, Germany.
    17. Rapetti, Martin & Palazzo, Gabriel & Waldman, Joaquin, 2023. "Planes de estabilización: Evidencia de América Latina [Stabilization plans: Evidence from Latin America]," MPRA Paper 118910, University Library of Munich, Germany.
    18. Szybisz, Martín A. & Szybisz, Leszek, 2017. "Extended nonlinear feedback model for describing episodes of high inflation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 465(C), pages 91-108.
    19. Yevgeny V. BALATSKY & Natalya A. YEKIMOVA & Maksim A. YUREVICH, 2018. "Non-Monetary Factors in the Monetary Policy Transmission Mechanism: Revision of the Inflation Management Strategy," Upravlenets, Ural State University of Economics, vol. 9(5), pages 26-39, October.
    20. Daniel Heymann & Adrián Ramos & Horacio Aguirre, 2011. "Inflation and Macroeconomic Policies in Post-convertibility Argentina," Chapters, in: Werner Baer & David Fleischer (ed.), The Economies of Argentina and Brazil, chapter 19, Edward Elgar Publishing.

    More about this item

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_6_409748. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.