Minds and markets as complex systems: an emerging approach to cognitive economics

Samuel G.B. Johnson; Patrick R. Schotanus; J. A. Scott Kelso

doi:10.1016/j.tics.2024.07.003

Minds and markets as complex systems: an emerging approach to cognitive economics

Samuel G.B. Johnson
, Patrick R. Schotanus
, J. A. Scott Kelso

Management

University of Waterloo
University of Warwick
Edinburgh Napier University
Florida Atlantic University
Ulster University

Research output: Contribution to journal › Review article › peer-review

3 Citations (SciVal)

Abstract

Cognitive economics is an emerging interdisciplinary field that uses the tools of cognitive science to study economic and social decision-making. Although most strains of cognitive economics share commitments to bridging levels of analysis (cognitive, behavioral, and systems) and embracing interdisciplinary approaches, we review a newer strand of cognitive economic thinking with a further commitment: conceptualizing minds and markets each as complex adaptive systems. We describe three ongoing research programs that strive toward these goals: (i) studying narratives as a cognitive and social representation used to guide decision-making; (ii) building cognitively informed agent-based models; and (iii) understanding markets as an extended mind – the Market Mind Hypothesis – analyzed using the concepts, methods, and tools of Coordination Dynamics.

Original language	English
Pages (from-to)	1037-1050
Number of pages	14
Journal	Trends in Cognitive Sciences
Volume	28
Issue number	11
Early online date	9 Aug 2024
DOIs	https://doi.org/10.1016/j.tics.2024.07.003
Publication status	Published - 30 Nov 2024

Funding

SGBJ is supported by grants from Canada's Natural Sciences and Engineering Research Council (NSERC) and Social Sciences and Humanities Research Council (SSHRC). PRS is supported by the Didasko Educational Charity. JASK is supported by The FAU Foundation (Eminent Scholar in Science). The authors declare no competing interests.

Funders
Natural Sciences and Engineering Research Council
Florida Atlantic University Foundation
Didasko Educational Charity
Social Sciences and Humanities Research Council

Keywords

agent-based models
behavioral economics
Coordination Dynamics
decision-making
extended mind
narratives

ASJC Scopus subject areas

Neuropsychology and Physiological Psychology
Experimental and Cognitive Psychology
Cognitive Neuroscience

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10.1016/j.tics.2024.07.003

Cite this

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abstract = "Cognitive economics is an emerging interdisciplinary field that uses the tools of cognitive science to study economic and social decision-making. Although most strains of cognitive economics share commitments to bridging levels of analysis (cognitive, behavioral, and systems) and embracing interdisciplinary approaches, we review a newer strand of cognitive economic thinking with a further commitment: conceptualizing minds and markets each as complex adaptive systems. We describe three ongoing research programs that strive toward these goals: (i) studying narratives as a cognitive and social representation used to guide decision-making; (ii) building cognitively informed agent-based models; and (iii) understanding markets as an extended mind – the Market Mind Hypothesis – analyzed using the concepts, methods, and tools of Coordination Dynamics.",

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N2 - Cognitive economics is an emerging interdisciplinary field that uses the tools of cognitive science to study economic and social decision-making. Although most strains of cognitive economics share commitments to bridging levels of analysis (cognitive, behavioral, and systems) and embracing interdisciplinary approaches, we review a newer strand of cognitive economic thinking with a further commitment: conceptualizing minds and markets each as complex adaptive systems. We describe three ongoing research programs that strive toward these goals: (i) studying narratives as a cognitive and social representation used to guide decision-making; (ii) building cognitively informed agent-based models; and (iii) understanding markets as an extended mind – the Market Mind Hypothesis – analyzed using the concepts, methods, and tools of Coordination Dynamics.

AB - Cognitive economics is an emerging interdisciplinary field that uses the tools of cognitive science to study economic and social decision-making. Although most strains of cognitive economics share commitments to bridging levels of analysis (cognitive, behavioral, and systems) and embracing interdisciplinary approaches, we review a newer strand of cognitive economic thinking with a further commitment: conceptualizing minds and markets each as complex adaptive systems. We describe three ongoing research programs that strive toward these goals: (i) studying narratives as a cognitive and social representation used to guide decision-making; (ii) building cognitively informed agent-based models; and (iii) understanding markets as an extended mind – the Market Mind Hypothesis – analyzed using the concepts, methods, and tools of Coordination Dynamics.

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KW - behavioral economics

KW - Coordination Dynamics

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KW - extended mind

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DO - 10.1016/j.tics.2024.07.003

M3 - Review article

AN - SCOPUS:85200924899

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JO - Trends in Cognitive Sciences

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ER -

Minds and markets as complex systems: an emerging approach to cognitive economics

Abstract

Funding

Keywords

ASJC Scopus subject areas

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