Adaptation in natural and artificial systems
Adaptation in natural and artificial systems
Non-linear noise reduction and detecting chaos: some evidence from the S&P composite price index
Mathematics and Computers in Simulation - Special issue from IMACS sponsored conference: “MODSIM 97”
Chaos and Fractals
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We discuss some issues and challenges facing economic modellers when confronted with data generated within a non-linear world. The pitfalls associated with the linearisation of inherently non-linear models are raised and the concept of robustness defined and proposed as a necessary property of scientifically valid models. The existence of chaos in economic time series is discussed and an example, using financial data, presented.