Simplifying Complexity Making sense of chaos with Doyne Farmer
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Apr 29, 2024 
Doyne Farmer, a prominent figure in complexity economics, discusses his journey from chaos theory to economics. He emphasizes the importance of multidisciplinary work and applying complexity science to climate change. The conversation delves into the development of agent-based models for the economy and the challenges in predicting economic impacts, such as during the COVID pandemic.
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Roulette Prediction
- Doyne Farmer and Norman Packard built a wearable computer to predict roulette outcomes.
- They used physics but didn't get rich due to various limitations.
Chaos Theory
- Chaos theory explains how deterministic systems can exhibit random behavior.
- This is due to sensitive dependence on initial conditions, like in roulette.
From Chaos to Complexity
- Doyne Farmer transitioned from chaos theory to complex systems.
- He explored emergent phenomena where high-level properties differ from low-level building blocks.