Cancellation due to Coronavirus

 

Dear Sir or Madam,

we deeply regret that due to the Coronavirus this year's Dockner Lecture by Cars Hommes had to be cancelled. We will announce an alternative date as soon as possible.

Thank you for your understanding.

Dockner Lectures - Cars Hommes

In memory of Prof. Engelbert Dockner, the University of Vienna, the Vienna University of Technology and the Vienna University of Economics and Business Administration have founded the "Dockner Lectures". 

In April 2017 one of the most renowned Austrian economists, Engelbert Dockner, passed away after a long and serious illness.

In his Ph. D. thesis, Engelbert Dockner derived an elegant stability analysis of two-​state optimal control models. Another of his path-​breaking contributions is the 'blue bible' on `Differential Games in Economics and Management Science' (joint with Jorgensen, Long and Sorger). For most of his career, he was a professor of finance and worked on diverse topics such as asset pricing, risk dynamics, and financial market structures.

In 2019, the first event of the Dockner Lectures started with Prof. Ngo Van Long (McGill University) at the Vienna University of Technology. This year, the series continues at the University of Vienna with Prof. Cars Hommes (University of Amsterdam). In 2021, an event at the Vienna University of Economics and Business Administration will follow.

Event:Dockner Lectures:
Cars Hommes - "Complex Economic Dynamics"
Place:Skylounge (12th Floor), Faculty of Business, Economics and Statistics, Oskar-Morgenstern-Platz 1, 1090 Vienna
Abstract:This talk surveys some of Prof. Hommes' work on complex economic dynamics with adaptively learning agents in behavioral macro-finance models. The economy consists of boundedly rational agents who do not fully understand their complex environment and use simple decision heuristics. This leads to a complex nonlinear adaptive system with complex dynamics, where the economy may not settle down to the rational equilibrium, but rather agents may learn almost self-fulfilling equilibria with highly persistent expectations driven fluctuations.