Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems
<p align="left"> </p><p><span style="font-size: xx-small;">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...
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| Format: | Article |
| Language: | English |
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CentMa
2010-10-01
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| Series: | International Journal on Food System Dynamics |
| Subjects: | |
| Online Access: | http://centmapress.ilb.uni-bonn.de/ojs/index.php/fsd/article/view/89 |
| _version_ | 1818190355222233088 |
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| author | Ray Huffaker |
| author_facet | Ray Huffaker |
| author_sort | Ray Huffaker |
| collection | DOAJ |
| description | <p align="left"> </p><p><span style="font-size: xx-small;">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 real-world dynamics in which economic variables may cycle aperiodically along low-dimensional ‘strange attractors’. We present a method developed in the physics literature—‘phase space reconstruction’—that reconstructs strange attractors present in real-world dynamical systems using time series data on a single variable. Phase space reconstruction provides pictures of real-world dynamics that can guide model specification. </span></p> |
| first_indexed | 2024-12-11T23:57:24Z |
| format | Article |
| id | doaj.art-d2920ec29c724240978267e75ba7541a |
| institution | Directory Open Access Journal |
| issn | 1869-6945 |
| language | English |
| last_indexed | 2024-12-11T23:57:24Z |
| publishDate | 2010-10-01 |
| publisher | CentMa |
| record_format | Article |
| series | International Journal on Food System Dynamics |
| spelling | doaj.art-d2920ec29c724240978267e75ba7541a2022-12-22T00:45:19ZengCentMaInternational Journal on Food System Dynamics1869-69452010-10-011318419372Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic SystemsRay Huffaker0Prof., University of Florida<p align="left"> </p><p><span style="font-size: xx-small;">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 real-world dynamics in which economic variables may cycle aperiodically along low-dimensional ‘strange attractors’. We present a method developed in the physics literature—‘phase space reconstruction’—that reconstructs strange attractors present in real-world dynamical systems using time series data on a single variable. Phase space reconstruction provides pictures of real-world dynamics that can guide model specification. </span></p>http://centmapress.ilb.uni-bonn.de/ojs/index.php/fsd/article/view/89phase space reconstructiontime series dataeconomic dynamics |
| spellingShingle | Ray Huffaker Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems International Journal on Food System Dynamics phase space reconstruction time series data economic dynamics |
| title | Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems |
| title_full | Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems |
| title_fullStr | Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems |
| title_full_unstemmed | Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems |
| title_short | Phase Space Reconstruction from Econommic Time Series Data: Improving Models of Complex Real-World Dynamic Systems |
| title_sort | phase space reconstruction from econommic time series data improving models of complex real world dynamic systems |
| topic | phase space reconstruction time series data economic dynamics |
| url | http://centmapress.ilb.uni-bonn.de/ojs/index.php/fsd/article/view/89 |
| work_keys_str_mv | AT rayhuffaker phasespacereconstructionfromeconommictimeseriesdataimprovingmodelsofcomplexrealworlddynamicsystems |