Barriers and Bounds to Rationality

Peter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. Barriers and Bounds to Rationality is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems.

Duncan Foley provides a thoughtful introduction in which he reviews the disparate analytical sources of Albin's work in the theories of nonlinear dynamical systems, economic dynamics, cellular automata, linguistic and computational complexity, and bounded rationality.