Abstracts

Emanuel Derman, Columbia University
Scientists, Sciensters, Anti-Scientists & Economists

The syntax of economic theory closely resembles the syntax of physics. But physics deals with what seems to be the objective world. In contrast, the essence of economics is subjectivity and moral choice.  What can you reasonably expect from treating economics as a branch of science? This talk compares the nature and efficacy of models in both physics and finance, and tries to reach a sane answer to the question above.


Andrew Lo, MIT
The Adaptive Markets Hypothesis and Financial Crisis


Nouriel Roubini, New York University
Interpreting the failure to predict financial crises and recession


Leigh Tesfatsion, Iowa State University
Agent-Based Computational Modeling and Macroeconomics

Agent-based Computational Economics (ACE) is the computational study of economic processes modeled as dynamic systems of interacting agents. In this talk I will discusses the potential of ACE modeling tools for the study of macroeconomic systems. Six issues will be highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, behaviors, and institutional arrangements.

Paper on which talk will be based:  http://www.econ.iastate.edu/tesfatsi/ACEMacro.EconReportLT.pdf


Eric Weinstein, Natron Group
A Science Less Dismal: Welcome to the Economic Manhattan Project
An unexpected economic crisis provides an excellent opportunity to better understand the state of Economic theory as a science. While there appears to have been a broad systemic failure within the community of professional economists to predict the current collapse, it must be noted that there have been scattered successes which appear striking and demand our attention. The goal of this conference is to bring together economists, biologists, mathematicians, physicists, programmers, and financial professionals to explore the opportunities for bringing economic theory into closer contact with the more traditional sciences as the basis for ongoing work, partnership, and collaboration. 



 

 
 
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