Complexity Economics by Brian Arthur via Chris Dillow who gives an overview. This was posted before but an article today in a different area reminded of the above.
Is it foolish to model nature's complexirt with equations?:
"Sugihara and others are now starting to apply his methods not just in ecology but in finance, neuroscience and even genetics. These fields all involve complex, constantly changing phenomena that are difficult or impossible to predict using the equation-based models that have dominated science for the past 300 years. For such systems, DeAngelis said, empirical dynamic modeling “may very well be the future.”...............Based on the plankton data as well as work on measles and chicken-pox cases by other researchers, Sugihara and May published a paper in Nature in 1990 showing how Takens’ theorem could help make short-term predictions of some nonlinear systems. The essence of the method involves identifying points in a system’s attractor graph that are close to the point representing the system’s present state. For one or two time steps, one can then predict that the system will evolve similarly to how it did in the past."
An old interview with Floris Takens.
Is it foolish to model nature's complexirt with equations?:
"Sugihara and others are now starting to apply his methods not just in ecology but in finance, neuroscience and even genetics. These fields all involve complex, constantly changing phenomena that are difficult or impossible to predict using the equation-based models that have dominated science for the past 300 years. For such systems, DeAngelis said, empirical dynamic modeling “may very well be the future.”...............Based on the plankton data as well as work on measles and chicken-pox cases by other researchers, Sugihara and May published a paper in Nature in 1990 showing how Takens’ theorem could help make short-term predictions of some nonlinear systems. The essence of the method involves identifying points in a system’s attractor graph that are close to the point representing the system’s present state. For one or two time steps, one can then predict that the system will evolve similarly to how it did in the past."
An old interview with Floris Takens.
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