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COMPLEXITY AND RANDOMNESS IN MATHEMATICS: PHILOSOPHICAL REFLECTIONS ON THE RELEVANCE FOR ECONOMIC MODELLING
Author(s) -
Sarukkai Sundar
Publication year - 2011
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/j.1467-6419.2010.00669.x
Subject(s) - bounded rationality , randomness , relevance (law) , construct (python library) , process (computing) , mathematics , satisficing , mathematical practice , hierarchy , rationality , management science , epistemology , mathematical economics , computer science , mathematics education , artificial intelligence , economics , philosophy , statistics , political science , law , market economy , programming language , operating system
Mathematics itself is a complex system. It exemplifies complexity at the level of structure, hierarchy and so on. There is also an interesting notion of complexity present in the meaning of mathematical ‘alphabets’. These are unique writing strategies of mathematics. Yet another marker of complexity lies in the process of applying mathematics to models. Using mathematics in modelling is a process of deciding what kinds of models to construct and what types of mathematics to use. Modelling can be seen as a decision‐making process where the scientists are the agents. However in choosing mathematical structures the scientist is not being optimally rational. In fact, fertile uses of mathematics in the sciences show a complicated use of mathematics that cannot be reduced to a method or to rational principles. This paper argues that the discourse of satisficing and bounded rationality well describes the process of choice and decision inherent in modelling.