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Article: Simple nonlinear systems and navigating catastrophes

TitleSimple nonlinear systems and navigating catastrophes
Authors
Issue Date2013
PublisherEDP Sciences, Societ`a Italiana di Fisica, Springer-Verlag.
Citation
The European Physical Journal B, 2013, v. 86, p. 1-8 How to Cite?
AbstractTipping points are a common occurrence in complex adaptive systems. In such systems feedback dynamics strongly influence equilibrium points and they are one of the principal concerns of research in this area. Tipping points occur as small changes in system parameters result in disproportionately large changes in the global properties of the system. In order to show how tipping points might be managed we use the Maximum Entropy (MaxEnt) method developed by Jaynes to find the fixed points of an economic system in two different ways. In the first, economic agents optimise their choices based solely on their personal benefits. In the second they optimise the total benefits of the system, taking into account the effects of all agent’s actions. The effect is to move the game from a recently introduced dual localised Lagrangian problem to that of a single global Lagrangian. This leads to two distinctly different but related solutions where localised optimisation provides more flexibility than global optimisation. This added flexibility allows an economic system to be managed by adjusting the relationship between macro parameters, in this sense such manipulations provide for the possibility of “steering” an economy around potential disasters.
Persistent Identifierhttp://hdl.handle.net/10722/203496
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorHarre, Men_US
dc.contributor.authorAtkinson, Sen_US
dc.contributor.authorHossain, Len_US
dc.date.accessioned2014-09-19T15:16:55Z-
dc.date.available2014-09-19T15:16:55Z-
dc.date.issued2013en_US
dc.identifier.citationThe European Physical Journal B, 2013, v. 86, p. 1-8en_US
dc.identifier.urihttp://hdl.handle.net/10722/203496-
dc.description.abstractTipping points are a common occurrence in complex adaptive systems. In such systems feedback dynamics strongly influence equilibrium points and they are one of the principal concerns of research in this area. Tipping points occur as small changes in system parameters result in disproportionately large changes in the global properties of the system. In order to show how tipping points might be managed we use the Maximum Entropy (MaxEnt) method developed by Jaynes to find the fixed points of an economic system in two different ways. In the first, economic agents optimise their choices based solely on their personal benefits. In the second they optimise the total benefits of the system, taking into account the effects of all agent’s actions. The effect is to move the game from a recently introduced dual localised Lagrangian problem to that of a single global Lagrangian. This leads to two distinctly different but related solutions where localised optimisation provides more flexibility than global optimisation. This added flexibility allows an economic system to be managed by adjusting the relationship between macro parameters, in this sense such manipulations provide for the possibility of “steering” an economy around potential disasters.en_US
dc.languageengen_US
dc.publisherEDP Sciences, Societ`a Italiana di Fisica, Springer-Verlag.en_US
dc.relation.ispartofThe European Physical Journal Ben_US
dc.titleSimple nonlinear systems and navigating catastrophesen_US
dc.typeArticleen_US
dc.identifier.emailHossain, L: lhossain@hku.hken_US
dc.identifier.authorityHossain, L=rp01858en_US
dc.identifier.doi10.1140/epjb/e2013-31064-xen_US
dc.identifier.hkuros239070en_US
dc.identifier.volume86en_US
dc.identifier.spage1en_US
dc.identifier.epage8en_US
dc.identifier.isiWOS:000321446200049-
dc.publisher.placeSpringer-Verlagen_US

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