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UID:e98c0d76fc436b91aa9de84bf4485b84
CATEGORIES:Mathematical Physics Seminar
CREATED:20231211T190507
SUMMARY:Jean-Philippe Bouchaud - RADICAL COMPLEXITY & BOUNDED RATIONALITY
DESCRIPTION:<p style="text-align: center; background: white;"><strong>MATHEMATICAL PHYS
 ICS WEBINAR<br> RUTGERS UNIVERSITY</strong></p><p style="text-align: center
 ; background: white;"><strong>__________________________________________</s
 trong></p><p style="background: white;">&nbsp;<strong>&nbsp;</strong></p><p
  style="text-align: center; background: white;">SEMINAR RECORDINGS ARE AVAI
 LABLE&nbsp;ON OUR WEBSITE&nbsp;</p><p style="text-align: center; background
 : white;"><a href="https://cmsr.rutgers.edu/news-events-cmsr/mathematical-p
 hysics-webinar/range.listevents/-"></a><a href="https://cmsr.rutgers.edu/ne
 ws-events-cmsr/mathematical-physics-webinar/range.listevents/-">https://cms
 r.rutgers.edu/news-events-cmsr/mathematical-physics-webinar/range.listevent
 s/-</a></p><p style="text-align: center; background: white;"><strong>Jean-P
 hilippe Bouchaud – CFM &amp; Académie des Sciences</strong></p><p style="te
 xt-align: center; background: white;">Wednesday, November 29th,&nbsp;<stron
 g>10:45AM EST</strong><strong>&nbsp;</strong><strong>(Zoom meeting starts a
 t 10:30 EDT)</strong>&nbsp;</p><p style="text-align: center;"><strong>RADIC
 AL COMPLEXITY &amp; BOUNDED RATIONALITY</strong></p><p style="text-align: c
 enter;"><strong>&nbsp;</strong></p><p>Traditional economic theory assumes t
 hat agents are rational, or at least that they learn to be after interactin
 g with their environment. As a schematic model of the complexity economic a
 gents are confronted with, we introduce the ``SK-game'', a discrete time bi
 nary choice model inspired from mean-field spin-glasses. We show that even 
 in a completely static environment, agents are unable to learn collectively
  optimal strategies. This is either because the learning process gets trapp
 ed by a sub-optimal fixed point, or because learning never converges and le
 ads to a never ending evolution of agents intentions. Contrarily to the hop
 e that learning might save the standard ``rational expectation'' framework 
 in economics, we argue that complex situations are generically unlearnable 
 and agents must do with {it satisficing} solutions, as argued long ago by H
 erbert Simon.</p>
DTSTAMP:20260828T110905
DTSTART;TZID=America/New_York:20231129T104500
DTEND;TZID=America/New_York:20231129T114500
SEQUENCE:0
TRANSP:OPAQUE
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