Failure of economic models to anticipate the global financial crisis illustrates the need for modeling to better capture complex real-world dynamics. Conventional models—in which economic variables evolve toward equilibria or fluctuate about equilibria in response to exogenous random shocks—are ill-equipped to portray complex realworld dynamics in which economic variables may cycle aperiodicall...

  Steel market and particularly rod bar market play important roles in economy of countries. Economic systems are considered as complex systems which are sophisticated to be modeled mathematically. One way to model these systems is simulation and use of system dynamics. This paper models rod bar supply chain in Iran using system dynamics. Data of this research is gathered from first hand materi...

Since last century, complex systems, complexity problems and their research have become the basic problems of systems science, social-economic science, physics, biology and so on. Complexity science is so called the science of the 21 st century. This paper looks back to the progress made on the study of complexity and complex systems in recent years and compares the Santa Fe approach with Syste...

background previous studies have mostly focused on socio-demographic and health-related determinants of health-related behaviors. although comprehensive health insurance coverage could discourage individual lifestyle improvement due to the ex-ante moral hazard problem, few studies have examined such effects. this study examines the association of a comprehensive set of factors including socio-d...

T his paper is to study the convergence of per capita income. Convergence clubs hypothesis is one of the forms of convergence hypotheses, implying that countries with the same initial level of economic development, technology, and government policies, tend to be similar in per capita income and thus have a tendency to cluster around a small number of poles. In order to test the hypot...

Economies are instances of complex socio-technical systems that are shaped by the interactions of large numbers of individuals. The individual behavior and decision-making of consumer agents is determined by complex psychological dynamics that include their own assessment of present and future economic conditions as well as those of others, potentially leading to feedback loops that affect the ...

in recent years, it has become increasingly important to incorporate explicit dynamics in economic analysis. these two tools that mathematicians have developed, differential equations and optimal control theory, are probably the most basic for economists to analyze dynamic problems. in this paper i will consider the linear differential equations on the plane (phase diagram) and elements of nonl...