Showing papers by "Kenneth J. Arrow published in 2018"
University of Wisconsin-Madison1, Stanford University2, Columbia University3, Stockholm University4, Royal Swedish Academy of Sciences5, Australian Research Council6, Uppsala University7, Wageningen University and Research Centre8, University of Wyoming9, Duke University10, Commonwealth Scientific and Industrial Research Organisation11, Athens University of Economics and Business12, Tilburg University13
TL;DR: General resilience is the capacity of social-ecological systems to adapt or transform in response to unfamiliar, unexpected and extreme shocks as discussed by the authors, which includes diversity, modularity, openness, reserves, feedbacks, nestedness, monitoring, leadership, and trust.
Abstract: Resilience to specified kinds of disasters is an active area of research and practice. However, rare or unprecedented disturbances that are unusually intense or extensive require a more broad-spectrum type of resilience. General resilience is the capacity of social-ecological systems to adapt or transform in response to unfamiliar, unexpected and extreme shocks. Conditions that enable general resilience include diversity, modularity, openness, reserves, feedbacks, nestedness, monitoring, leadership, and trust. Processes for building general resilience are an emerging and crucially important area of research.
256 citations
12 Mar 2018
TL;DR: A recent Workshop on the economy as an evolving complex system as mentioned in this paper has focused on nonlinearity and complex dynamics in economics and finance, with a focus on learning-by-Doing.
Abstract: * Foreward P.W. Anderson, Kenneth J. Arrow, and David Pines * Introduction and Overview David Pines Lectures And Perspectives * Self-Reinforcing Mechanisms in Economics W. Brian Arthur * Neural Nets for Economists Eric B. Baum * Persistent Oscillations and Chaos in Economic Models: Notes for a Survey Michele Boldrin * Nonlinearity and Complex Dynamics in Economics and Finance William A. Brock * Can New Approaches to Nonlinear Modeling Improve Economic Forecasts? J. Doyne Farmer and John J. Sidorowich * The Global Economy as an Adaptive Process John H. Holland * The Evolution of Economic Webs Stuart A. Kauffman * Computation and Multiplicity of Economic Equilibria Timothy J. Kehoe * A Simple Model for Dynamics away from Attractors Norman Packard * Statistical Mechanics Approaches to Complex Optimization Problems Richard Palmer * Can Nonlinear Dynamics Help Economists? David Ruelle * Rational Expectations, Game Theory and Inflationary Inertia Mario Henrique Simonsen Working Group Summaries * Working Group A: Techniques and Webs J. Guenther, J. Holland, S. Kauffman, T. Kehoe, T. Sargent, and E. Singer * Working Group B: Economic Cycles K. Arrow, W. Brock D. Farmer, D. Pines, D. Ruelle, J. Scheinkman, M. Simonsen, and L. Summers * Working Group C: Patterns P.W. Anderson, W.B. Arthur, E. Baum, M. Boldrin, N. Packard, J. Scheinkman, and L. Summers Final Plenary Discussion * Final Plenary Discussion Richard Palmer Summaries And Perspectives * A Physicist Looks at Economics: An Overview of the Workshop P.W. Anderson * Workshop on the Economy as an Evolving Complex System: Summary Kenneth J. Arrow Research Papers * Learning-By-Doing, International Trade and Growth: A Note Michele Boldrin and Jose A. Sheinkman * Lyapunov Exponents for Stock Returns J.-P. Eckmann, S. Oliffson Kamphorst, D. Ruelle and J. Scheinkman
89 citations
12 Mar 2018
TL;DR: The economic theory underlying the dynamic systems studied tended to emphasize amplitude-reducing behavior as mentioned in this paper, since it suggests that economic theory does not yield a unique pattern of dynamic behavior and hence its predictions are far from sharp.
Abstract: The economic theory underlying the dynamic systems studied tended to emphasize amplitude-reducing behavior. The multiplicity of solutions is itself an embarrassment, since it suggests that economic theory, even if accurate, does not yield a unique pattern of dynamic behavior and hence its predictions are far from sharp. The general perspective of mainstream economic theory has certainly had some empirical successes. The presence and persistence of cyclical fluctuations in the economy as a whole of irregular timing and amplitude are not consistent with a view that an economy tends to return to equilibrium states after any disturbance. The empirical tools of nonlinear dynamics analysis were applied to several economic time series by W. Brock. There are many more aspects of recent work in natural sciences which have potential analogies in economics: self-organizing systems, the building and erosion of links in network formation, possibilities of nucleation.
5 citations