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首页> 外文期刊>Chaos, Solitons and Fractals: Applications in Science and Engineering: An Interdisciplinary Journal of Nonlinear Science >The invisible hand and the rational agent are behind bubbles and crashes
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The invisible hand and the rational agent are behind bubbles and crashes

机译：看不见的手和理性的代理人在泡沫和崩溃背后

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摘要

The 2000 dot-com crash and the 2008 subprime crisis have fueled the belief that the two classical paradigms of economics, the invisible hand and the rational agent, are not well appropriate to describe market dynamics and should be abandoned at the benefit of alternative new theoretical concepts. At odd with such a view, using a simple model of choice dynamics from sociophysics, the invisible hand and the rational agent paradigms are given a new legitimacy. Indeed, it is sufficient to introduce the holding of a few intermediate mini market aggregations by agents sharing their own private information, to recenter the invisible hand and the rational agent at the heart of market self regulation. An elasticity is discovered in the market efficiency mechanism due to the existence of an agent collective anticipation. This elasticity is shown to create spontaneous bubbles, which are rationally founded. At the same time, crashes occur at once when the limit of elasticity is reached. Plasticity can also be achieved through a combination of a crash with a sudden shift of the collective anticipation. Although the findings disclose a path to put an end to the bubble crash phenomena, it is argued to be rationally not feasible. Bubbles and crashes are thus an intrinsic internal part of classical economics. (C) 2016 Elsevier Ltd. All rights reserved.
机译：2000年的互联网泡沫破灭和2008年的次贷危机使人们更加相信，经济学的两个经典范式（无形的手和理性的代理人）不太适合描述市场动态，因此应替代新的理论，将其抛弃。概念。与这种观点不同的是，使用来自社会物理学的简单的选择动力学模型，给无形的手和理性的行为者范式赋予了新的合法性。的确，引入共享自己的私人信息的代理商对一些中间小型市场集合的控制就足以将最近看不见的手和理性代理商重新定位为市场自我调节的核心。由于代理商集体预期的存在，在市场效率机制中发现了一种弹性。显示出这种弹性会产生自发的气泡，这些气泡是合理建立的。同时，达到弹性极限时会立即发生碰撞。可塑性还可以通过崩溃与集体预期的突然转变相结合来实现。尽管这些发现揭示了终结泡沫破裂现象的途径，但据认为这在理性上是不可行的。因此，泡沫和崩溃是古典经济学的内在组成部分。 （C）2016 Elsevier Ltd.保留所有权利。

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