•  184
    Explaining Financial Markets in Terms of Complex Systems
    Philosophy of Science 81 (5): 1117-1130. 2014.
    Large changes of financial market prices without exogenous causes deviate significantly from the Gaussian behavior of random variables. This indicates that financial markets should be treated as complex systems, for which nonlinear interactions of its subunits/agents are crucial. I focus on how the complex systems perspective impacts the notion of explanations in economics. The mechanistic model seems to fit the bill, but problems surface on closer scrutiny. One characteristic of complex systems…Read more
  •  174
    Mechanisms in Dynamically Complex Systems
    In Phyllis McKay Illari Federica Russo (ed.), Causality in the Sciences, Oxford University Press. 2011.
    In recent debates mechanisms are often discussed in the context of ‘complex systems’ which are understood as having a complicated compositional structure. I want to draw the attention to another, radically different kind of complex system, in fact one that many scientists regard as the only genuine kind of complex system. Instead of being compositionally complex these systems rather exhibit highly non-trivial dynamical patterns on the basis of structurally simple arrangements of large numbers of…Read more