The effectiveness of control measures against the diffusion of the COVID-19 pandemic is grounded on the assumption that people are prepared and disposed to cooperate. From a strategic decision point of view, cooperation is the unreachable strategy of the Prisoner's Dilemma game, where the...

Today's complex, dynamic, interconnected world presents the field of education ("Education 4.0") with significant challenges in developing competencies for reasoning for complexity. This article analyzes complex thinking as a macro-competency with sub-competencies of critical, systemic,...

Every financial crisis triggers some regulatory and supervisory changes related to the ensuing threats. These regulations usually address specific types of risks and reduce them but do not protect the entire system from another crisis. The aim of this study was to develop a conceptual framework...

Extreme natural hazards represent, together with crises and wars, the most disruptive phenomena for economic activity. Their economic impact has been shown to be remarkable, long-lasting, and growing over time, though the exact mechanisms at stake are challenging to isolate and quantify. As...

The effectiveness of control measures against the diffusion of the COVID-19 pandemic is grounded on the assumption that people are prepared and disposed to cooperate. From a strategic decision point of view, cooperation is the unreachable strategy of the Prisoner's Dilemma game, where the...

Neoclassical economics is the official scientific underpinning of capitalism as well as its main ideological defence, and according to Keen, it fails in both tasks. Contrary to received opinion, neoclassicism cannot explain capitalism – either in detail or in the aggregate – and the policies...

Cooperation is widely recognized to be fundamental for the well-balanced development of human societies. Several different approaches have been proposed to explain the emergence of cooperation in populations of individuals playing the Prisoner's Dilemma game, characterized by two concurrent...

We study two dimensions of complexity that may interfere with individual choice. The first one is object complexity, which corresponds to the difficulty in evaluating any given alternative in a choice set. The second dimension is composition complexity, which increases when suboptimal...

We study two dimensions of complexity that may interfere with individual choice. The first one is object complexity, which corresponds to the difficulty of evaluating any given alternative in the choice set. The second dimension is composition complexity, which increases when suboptimal...

Rules often are complex in order to distinguish different types of behavior that may have different consequences. Greater complexity thus allows better control of behavior. But individuals may need to incur costs ex ante to determine how more complex rules apply to their contemplated conduct....

This chapter reviews recent advances in the NK modeling literature conceptualizing organizational change and innovation as a search over a complex landscape. It discusses both strengths and limitations of this perspective and delineates potential for future research directions. The key argument...

How are economies in a modern age impacted by epidemics? In what ways is economiclife disrupted? How can pandemics be modeled? What can be done to mitigate and managethe danger? Does the threat of pandemics increase or decrease in the modern world? The Covid-19 pandemic has demonstrated the...

Cooperation is widely recognized to be fundamental for the well-balanced development of human societies. Several different approaches have been proposed to explain the emergence of cooperation in populations of individuals playing the Prisoner’s Dilemma game, characterized by two concurrent...

Unlike equilibrium systems, where it is possible to study the impact of endogenous and exogenous perturbations using fluctuation-dissipation theorems, it is difficult to understand and predict the impact of shocks in out-of-equilibrium systems. This thesis tries to uncover and quantify the...

Under physiological conditions, hemoglobin (Hb) and myoglobin (Mb) are subject to autoxidation, leading to the formation of ferric heme proteins with weakened globular structures and resulting in the loss of the heme cofactor. To gain further insights into the role of the heme pocket in the...

Whether it is a financial institution like Wells Fargo, an automotive company like General Motors, a transportation company like Uber, or a religious organization like the Catholic Church, failing to properly prevent, detect, investigate, and remediate misconduct within an organization's ranks...

This study aims to investigate the remarkable rise and fall of structured finance by emphasising the role of complexity. This study first examines how structured finance become more complicated over the last two decades. Complexity in structured finance arises from the pooling of assets, the...

In November, 2011, the Financial Stability Board, in collaboration with the International Monetary Fund, published a list of 29 “systemically important financial institutions” (SIFIs, now referred to as “globally systemically important banks” or G-SIBs), institutions whose failure, by...

Information and communication technologies (ICT), which are transforming most areas, develop non-linearly. Failure to take into account the nonlinear principles of complex dynamic systems hinders the development of balanced innovation strategies. Companies and governments lose the ability to...

Over the past decades, research effort in high income countries has substantially increased. Meanwhile, the growth rates of per capita output have been rather stable. The first goal of this paper is to investigate the reasons for such trends. The second goal of the paper is to show that the...

When studying the formation of trade between two countries, traditional modeling has described it as being primarily dependent on individual and bilateral characteristics of the two trading partners. It is likely, however, that trade is dependent not only on the two countries involved but on the...

The paper presents network theory and complexity theory in the context of organization and management sciences. Both theories today are of great interest among researchers whose purpose is to explain and understand the complexity of the organization's functioning and management through the lens...

Blockchain networks and similar cryptoeconomic networks are systems, specifically complex systems. They are adaptive networks with multiscale spatio-temporal dynamics. Individual actions may be incentivized towards a collective goal with "purpose-driven" tokens. Blockchain networks, for example,...

This paper investigates the emergence of polarisation patterns in the EU during the last 60 years from a structuralist and complexity economics perspective. Based on the results, feasible opportunities for EU policy-making, which aim to counteract a tendency of polarization, are delineated. The...

The failure of public policies is ubiquitous. This paper ascribes this failure to the complex system nature of public policies. A key characteristic of complex systems is that they cannot be closely controlled or predicted. Yet the traditional approach to public policy is fundamentally based on...

This paper provides evidence that network complexity limits investors' ability to process non-local information, through the lens of return cross predictability. Using firm-to-firm citation networks, we find that the non-local indirectly-linked firms can well predict the return of the focal...

Agent-based models are usually claimed to generate complex dynamics; however, the link to such complexity has not been subject to rigorous examination. This paper studies this link between the complexity of financial time series---measured by their multifractal properties---and the design of...

Due to their complex features, structured financial products can hurt the average investor. Are certain investors particularly vulnerable? Using account-level transaction data of retail structured funds, we show that the rich (sophisticated) benefit from complexity at the expense of the poor...