Explaining Financial Markets in Terms of Complex Systems.
Large changes of financial market prices without exogenous causes deviate significantly from the Gaussian behavior of random variables. This indicates that financial markets should be treated as complex systems, for which nonlinear interactions of its subunits/agents are crucial. I focus on how the...
| Publicado en: | Philosophy of Science Vol. 81; no. 5; pp. 1117 - 1131 |
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| Formato: | Artículo |
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Cambridge University Press
Dec2014
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=99660751&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 99660751 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00318248 PSC jtl: Philosophy of Science issn: 00318248 maglogo: N pubinfo: dt: Dec2014 vid: 81 iid: 5 pid: 15979 pub: Cambridge University Press artinfo: ui: 99660751 10.1086/677699 ppf: 1117 ppct: 14 formats: fmt: – @attributes: type: T – @attributes: type: P size: 355KB tig: atl: Explaining Financial Markets in Terms of Complex Systems. aug: au: Kuhlmann, Meinard su: Prices of securities Financial markets Complexity (Philosophy) Gaussian processes Random variables sug: subj: Prices of securities Financial markets Complexity (Philosophy) Gaussian processes Random variables ab: Large changes of financial market prices without exogenous causes deviate significantly from the Gaussian behavior of random variables. This indicates that financial markets should be treated as complex systems, for which nonlinear interactions of its subunits/agents are crucial. I focus on how the complex systems perspective impacts the notion of explanations in economics. The mechanistic model seems to fit the bill, but problems surface on closer scrutiny. One characteristic of complex systems is that their behavior is surprisingly independent from microscopic details. Thus, mechanistic explanations in the microreductionist manner seem unavailable. Despite these conflicts, I defend a modified structural mechanistic approach. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Philosophy of Science is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Philosophy of Science holder: Cambridge University Press dt: @attributes: year: 2014 holdings: @attributes: islocal: N |
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