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- W2102444897 abstract "Economics and engineering are currently concerned with modeling and predicting complex dynamics. However, economy is part of an anthropic reality, whereas a non-anthropic reality is actually the field of engineering. Furthermore, these two fields seem to have irreconcilable epistemological foundations. This paper is about whether new flexible computational paradigms, such as Soft Computing, allow dealing with dynamics induced by forward-looking human behaviors, and how different are these approaches from the adaptive backward-looking mechanisms, currently implemented in engineering. While standard hypothesis in macroeconomics is rational expectations, some new modeling frameworks provide insides in real-word markets. These evolve through the interaction between competitors who typically exhibit heterogeneous beliefs and bounded rationally. To model the complex dynamics emerging from such behaviors, more versatile (neural, genetic, fuzzy, or hybrid) methods are required. Subsequently, the problem this paper raises is to which extent computational methods spanning different fields of reality are compliant with the attempt to unifying the science that WSEAS has explicitly assumed." @default.
- W2102444897 created "2016-06-24" @default.
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- W2102444897 date "2005-11-02" @default.
- W2102444897 modified "2023-09-27" @default.
- W2102444897 title "Soft computing alternatives to modeling and predicting economic dynamics when dealing with forward-looking rational competitors" @default.
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