The purpose of this workshop is to bring together international
experts in complexity research applied to economics and finance.
Traditional economic theory describes the economy as an equilibrium
outcome of activities of perfectly rational economic agents. In the
classical approach agents are often assumed to be identical and
perfectly rational, leading to a representative rational agent
modeling framework. The standard approach fails to explain important
features of economic systems, such as high trading volume, the
emergence of speculative bubbles and dramatic crashes in financial
markets, and fat tail phenomena, long memory and clustered
volatility in the returns distribution of financial assets.
Since the 1990s an alternative approach has been developed where
markets are viewed as complex evolving systems emphasizing a
non-equilibrium price adjustment process through the interaction of
many heterogeneous agents, who are boundedly rational using simple
heuristics, learning and adapting their behavior over time.
According to this view, aggregate market phenomena are thought of as
emerging properties of complex systems resulting from the
interaction of many heterogeneous consumers, firms, investors, etc.
Research on complexity in economics and finance is characterized by
an interdisciplinary approach, attracting distinguished scholars
from physics, mathematics, computer science, biology, economics and
psychology, using tools developed in statistical physics, nonlinear
dynamics and agent-based simulation. Main topics of the workshop
· evolutionary market dynamics in interacting systems of heterogeneous
· expectations and learning: theory and laboratory experiments with
· the relation between interacting particle systems in physics and
interacting agent-based modeling in economics and finance;
· validation and estimation of agent-based models;
· economic policy issues based on complexity theory modeling.
The workshop brings together a number of distinguished experts in
the broad field of complexity in economics and finance, and promotes
collaboration between participants. The workshop is also an ideal
opportunity to promote complexity research with applications in
economics in the Netherlands and attract Ph-D students from various
universities in the Netherlands.
Confirmed invited speakers
Larry Blume, Cornell University, USA
William Branch, University of California, Irvine, USA
John Duffy, University of Pittsburgh, USA
Doyne Farmer Santa Fe Institute, USA
Bruce McGough Oregon State University, USA
Michele Marchesi, University of Cagliari, Italy
Mark Salmon, University of Warwick, UK
Jan Tuinstra, University of Amsterdam, Netherlands
Marc Willinger, University of Montpellier, France
Organizers and co-organizers
Prof. Cars H. Hommes, CeNDEF, University of Amsterdam
Dr. Mikhail Anufriev, CeNDEF, University of Amsterdam