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Prof. dr. C.H. (Cars) Hommes

Faculteit Economie en Bedrijfskunde
Sectie Quantitative Economics
Fotograaf: FEB
Bezoekadres
  • Roetersstraat 11
  • Kamernummer: 3.56
Postadres
  • Postbus 15867
    1001 NJ Amsterdam
Contactgegevens
Social media
  • Profile

    Current Research Interests

    Behavioural macroeconomics; experimental macroeconomics & finance; behavioural finance, complex systems; bounded rationality; expectation formation and learning; heterogeneous agent modelling. 

    Positions

    Short Biography

    Cars Hommes obtained his PhD in Mathematical Economics from the University of Groningen and is professor of Economic Dynamics at the University of Amsterdam, UvA. In 1998 he obtained a prestigious Pionier-grant from the Netherlands Organization of Scientific Research (NWO) to start the Center for Nonlinear Dynamics in Economics and Finance (CeNDEF), an interdisciplinary research group on complex systems applications in economics and finance. Throughout his career he held visiting positions at University of Wisconsin, Stanford University and New York University.

    CH is well known for his influential work with William Brock (Econometrica 1997 and JEDC 1998), developing a behavioral theory of heterogeneous expectations and its applications to economics and finance. The CeNDEF group has tested the heterogeneous expectations hypothesis empirically and in laboratory experiments and CH is one of the pioneers in Behavioural & Experimental Macroeconomics. This work has been summarized in his influential Handbook of Computational Economics Chapter Heterogeneous Agents Models in Economics and Finance, 2006.

    CH has been Editor of the Journal of Economic Dynamics and Control 2002-2012 and currently is member of five editorial boards of international journals. He has obtained many grants from the Netherlands Organization for Scientific Research (NWO), the European Commission (EC) and is an Institute of New Economic Thinking (INET) grantee. He is the former President Elect of the Society of Computational Economics (SCE), 2014-2016, the author of the recent book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, Cambridge University Press, 2013 and winner of the Distinguished Lorentz Fellowship 2014 in the Netherlands for his interdisciplinary research and an ECB Duisenberg Research Fellowship 2017-2018.  CH currently also works with the Bank of Canada to apply behavioural macro models to policy analysis. 

    NEW: recent survey on behavioral & experimental macro

    C.H. Hommes, (2021), Behavioral & Experimental Macroeconomics and Policy Analysis: a Complex Systems Approach, Journal of Economic Literature, 59(1), 149-219. https://www.aeaweb.org/articles?id=10.1257/jel.20191434

    Recent Publications

    • Hommes, C.H. (2021), Behavioral & experimental macroeconomics and policy analysis: a complex systems approach, Journal of Economic Literature, 59(1), 149–219, March 2021. 
    • Assenza, T., Heemeijer, P., Hommes, C.H. & Massaro, D. (2021). Managing self-organization of expectations through monetary policy: a macro experiment, Journal of Monetary Economics 117, 170–186.  
    • Hommes, C.H., Kopányi-Peuker, A. and Sonnemans, J. (2021), Bubbles, crashes and information contagion in large-group asset market experiments, Experimental Economics, forthcoming.
    • Goy, G., Hommes, C.H. and Mavromatis, K. (2021), Forward guidance and the role of central bank credibility under heterogeneous beliefs, Journal of Economic Behavior & Organization, forthcoming.
    • Hommes, C.H. and Makarewicz, T. (2021), Price level versus inflation targeting under heterogeneous expectations: a laboratory experiment (2021), Journal of Economic Behavior & Organization, 182, 39-82.
    • Ellen, ter, S., Hommes, C.H. and Zwinkels, R. (2021), Comparing behavioral heterogeneity across asset classes, Journal of Economic Behavior & Organization, forthcoming.
    • In’t Veld, D., Van der Leij, M. and Hommes, C.H. (2020). The formation of a core-periphery structure in heterogeneous financial networks. Journal of Economic Dynamics and Control 119, 103972.
    • Bao, T., Hennequin, M., Hommes, C.H. and Massaro, D. (2020), Coordination on bubbles in large group asset pricing experiments, Journal of Economic Dynamics & Control 110, 103702. https://doi.org/10.1016/j.jedc.2019.05.009 
    • Anufriev, M., Hommes, C.H. and Makarewicz, T. (2019), Simple forecasting heuristics that make us smart: evidence from different market experiments, Journal European Economic Association, Volume 17, Issue 5, October 2019, 1538–1584, https://doi.org/10.1093/jeea/jvy028
    • Hommes, C.H. and Lustenhouwer, J. (2019), Inflation targeting and liquidity traps under endogenous credibility, Journal of Monetary Economics 107, November 2019, 48-62,  https://doi.org/10.1016/j.jmoneco.2019.01.027
    • Arifovic, J., Hommes, C.H. and Salle, I.L. (2019), Learning to believe in simple equilibria in a complex OLG economy - evidence from the lab, Journal of Economic Theory 183, 106-182.  (https://doi.org/10.1016/j.jet.2019.05.001) 
    • Cornea, A., Hommes, C.H. and Massaro, D. (2019), Behavioral heterogeneity in U.S. inflation dynamics, Journal of Business & Economic Statistics 37, 288-300.  https://doi.org/10.1080/07350015.2017.1321548 
    • Hommes, C.H., Massaro, D. and Weber, M. (2019), Monetary policy under behavioral expectations, European Economic Journal 118, 193-212.  https://doi.org/10.1016/j.euroecorev.2019.05.009 
    • Hommes, C., Massaro, D. and Salle, I. (2019), Monetary and fiscal policy design at the zero-lower-bound: evidence from the lab, Economic Inquiry 57, 1120-1140.  https://doi.org/10.1111/ecin.12741 
    • Calvert Jump, R., Hommes, C.H. and Levine, P. (2019), Learning, Heterogeneity, and Complexity in the New Keynesian Model, Journal of Economic Behavior & Organization 166, 446-470, October 2019,    https://doi.org/10.1016/j.jebo.2019.07.014 
    • Bolt, W., Demertzis, M., Diks, C.G.H., Hommes, C.H. and Leij, M. v.d. (2019), Identifying booms and busts in house prices under heterogeneous expectations, Journal of Economic Dynamics & Control 103, 234-259.    https://doi.org/10.1016/j.jedc.2019.04.003
    • Hommes, C.H. and Lustenhouwer, J. (2019), Managing unanchored, heterogeneous expectations and liquidity traps, Journal of Economic Dynamics & Control 101, 1-16.  https://doi.org/10.1016/j.jedc.2019.01.004 
    • Bao, T. and Hommes, C.H. (2019), When speculators meet suppliers: positive versus negative feedback in experimental housingmarkets, Journal of Economic Dynamics & Control 107, 103730,https://www.sciencedirect.com/science/article/pii/S0165188919301290?via%3Dihub

    • Hommes, C.H. and Vroegop, J. (2019), Contagion between asset markets: a two market heterogeneous agents model with destabilizing spillover effects, Journal of Economic Dynamics & Control 100, 314-333.   https://doi.org/10.1016/j.jedc.2018.10.005

    • Bao, T., Hommes, C.H. and Makarewicz, T. (2017), Bubble formation and (in)efficient markets in learning-to-forecast and –optimize experiments, Economic Journal 127, F581-609.  https://doi.org/10.1111/ecoj.12341 

    ECB Working Paper

     

    Survey on Behavioral & Experimental Macroeconomics, ECB Working Paper November 2018 

    C.H. Hommes, Behavioral & Experimental Macroeconomics and Policy Analysis: a Complex Systems Approach, ECB Working Paper Series No. 2201, November 2018. 

     

    Handbook of Computational Economics Volume 4

    New Handbook of Computational Economics, Volume 4, Heterogeneous Agent Modeling, Edited by Cars Hommes & Blake LeBaron

    https://www.sciencedirect.com/handbook/handbook-of-computational-economics

    Recent Science paper on Complexity theory and financial regulation

    Battiston, S., Farmer, J.D., Flache, A., Garlaschelli, D., Haldane, A.G., Heesterbeek, H., Hommes, C.H., Jaeger, C., May, R. & Scheffer, M. (2016),

    Complexity theory and financial regulation. Economic policy needs interdisciplinary network analysis and behavioral modeling, Science 351, 6275, 818-819

    See also the recent publication in Me Judice, 7 September 2017  (in Dutch): Complexe lessen voor bankiers en toezichthouders,

    http://www.mejudice.nl/artikelen/detail/complexe-lessen-voor-bankiers-en-toezichthouders?utm_source=Me+Judice&utm_campaign=f12caae16c-Me_Judice_Maandelijkse_nieuwsbrief&utm_medium=email&utm_term=0_d478cc1d36-f12caae16c-46272977

     

    Response letter Financial complexity: regulating regulation and accounting for fraud.

    Battiston, S., Farmer, J.D., Flache, A., Garlaschelli, D., Haldane, A.G., Heesterbeek, H., Hommes, C.H., Jaeger, C., May, R. & Scheffer, M. (2016),

    Financial complexity: regulating regulation and accounting for fraud

    My Book "Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems " Published by Cambridge University Press 2013. The pdf file of the introductory chapters can be downloaded here.

    Interview by Perry Mehrling for the Institute for New Economic Thinking: 

    Interview in: Barkley Rosser, Jr., J., Holt, R.P.F. and Colander, D. (Eds.), "European Economics at a Crossroads". 

    Cars Hommes in VPRO’s "Labyrint." on February 15, 2012. 

    Co-authors include:  

    - William A. Brock , University of Wisconsin 
    - John Duffy , University of Pittsburgh 
    - Doyne Farmer , Santa Fe Institute 
    - Mauro Gallegati , Politechnic University of Marche 
    - Andrea Gaunersdorfer , University of Vienna 
    - Alan Kirman , GREQAM, Marseille 
    - Barkley Rosser Jr. , James Madison University 
    - Joep Sonnemans , University of Amsterdam 
    - Gerhard Sorger , University of Vienna 

    Editorial boards

    Editor: 

    • Journal of Economic Dynamics & Control (2002-2012) 

    Associate Editor:

    • Macroeconomic Dynamics (1997-);
    • Computational Economics (1998 -);
    • Journal of Economic Behaviour & Organization (2004-2012);
    • Journal of Nonlinear Science (1999-2013);
    • Quantitative Finance (2000-2004);
    • Journal of Economic Interaction and Coordination (2006-);
    • Complexity Economics (2012-) 

    Honorary Editor

    • Review of Behavioral Economics (2014-)
  • Teaching

    E&F Chaos simulation software

    MPhil Courses Tinbergen Institute 

    TI182 BEHAVIORAL MACROECONOMICS AND COMPLEXITY 

    Lecturer: Prof. C.H. Hommes (UvA) 

    Short subject description: 

    The leading paradigm in macroeconomics assumes that economic agents (households, firms, investors) are perfectly rational in making their decisions. Experimental evidence and common sense indicate that this assumption is often too demanding. This course focuses on the analysis of macroeconomic models under “bounded” rationality, where agents violate full rationality but behave more in accordance with experimental evidence. The economy is viewed as a complex system with interacting boundedly rational heterogeneous agents. A central question will be: which emerging aggregate macro behavior arises through the interactions of individual decisions of boundedly rational heterogeneous agents at the micro level? 

     

    Course content: 

    • Animal spirits and boom and bust cycles 

    • Bounded rationality and adaptive learning 

    • Complex dynamics, chaos and bifurcations 

    • Heterogeneous expectations and evolution in asset pricing and macroeconomic models 

    • Macro laboratory experiments 

    • Monetary policy and asset prices under bounded rationality 

     

    Complex Economic Dynamics (MSc Econometrics, late fall 2019)

    Literature: C.H. Hommes, Behavioral rationality and heterogeneous expectations in complex economic systems, Cambridge University Press, 2013.  

     

    Students of the University of Amsterdam should also check the Canvas site for detailed information about the courses
  • Grants & Projects

    AWARDS AND GRANTS (SELECTED)

    2017-2021 EU Horizon 2020 Marie Curie International Training Network Expectations and Social Influence Dynamics in Economics (ExSIDE), coord. H. Dawid, Bielefeld.

    http://exside-itn.eu/

    2015-2018 EU Horizon 2020, FET Open collaborative project Bridging the gap: from Individual Behavior to the Socio-tEchnical MaN (IBSEN) (coord. A. Sanchez, Un. Carlos III, Madrid).

    https://ibsen-h2020.eu/

    2014-2017 EU FP7 collaborative project Integrated Macro-Financial Modelling for Robust Policy Design (MACFINROBODS), coordinator C. Hommes, UvA.

    http://www.macfinrobods.eu/

    2012-2015 EU FP7 collab. project Macro-Risk Assesment and Stabilization Policies with New Early Warning Signals (RASTANEWS) (coord. P. Tirelli, Un. Milano-Bicocca).

    http://rastanews.eu/

    2011-2016 INET grant International Network on Expectational Coordination (INEXC) (coord. Roger Guesnerie, College de France).

    http://www.expectational-coordination.com/

    2012-2014 INET-CIGI grant Heterogeneous Expectations and Financial Crises.

    2011-2014 EU FP7 collaborative project Complexity Models for Systemic Instabilities and Crises (CRISIS), (coord. D. Delli-Gatti, UCSC, Milano & D. Farmer, Oxford/SFI)

    http://www.crisis-economics.eu/

    2010-2015 Complexity grant Dutch Science Foundation (NWO) Understanding financial instability through complex systems (with Dutch Central Bank)

    NWO Complexity website: https://www.nwo.nl/en/research-and-results/programmes/complexity

    2008-2011 EU FP7 STREP project Monetary and Fiscal Policy with heterogeneous agents (POLHIA) (coordinator D. Delli-Gatti, UCSC, Milano)

    2005-2008 EU Complex Markets STREP-grant (coordinator M. Salmon, Warwick, UK)

    1998-2005 NWO-Pionier grant Centern Nonlinear Dynamics in Economics and Finance (CeNDEF).

  • Publicaties

    2023

    2022

    2021

    2020

    2019

    2018

    2017

    2016

    2015

    2014

    2013

    2012

    2011

    2010

    2009

    • Brock, W. A., Hommes, C. H., & Wagener, F. O. O. (2009). More hedging instruments may destabilize markets. Journal of Economic Dynamics & Control, 33(11), 1912-1928. https://doi.org/10.1016/j.jedc.2009.05.004 [details]
    • Gardini, L., Hommes, C., Tramontana, F., & de Vilder, R. (2009). Forward and backward dynamics in implicitly defined overlapping generations models. Journal of Economic Behavior & Organization, 71(2), 110-129. https://doi.org/10.1016/j.jebo.2008.09.010 [details]
    • Heemeijer, P., Hommes, C., Sonnemans, J., & Tuinstra, J. (2009). Price stability and volatility in markets with positive and negative expectations feedback: an experimental investigation. Journal of Economic Dynamics & Control, 33(5), 1052-1072. https://doi.org/10.1016/j.jedc.2008.09.009 [details]
    • Hommes, C. (2009). Complexity, evolution and learning: empirical and experimental validation of heterogeneous expectations. In A. Reggiani, & P. Nijkamp (Eds.), Complexity and Spatial Networks: In Search of Simplicity (pp. 91-104). (Advances in Spatial Science; Vol. 60). Springer. https://doi.org/10.1007/978-3-642-01554-0_7 [details]
    • Hommes, C. H. (2009). Bounded rationality and learning in complex markets. In J. Barkely Rosser Jr (Ed.), Handbook Of Research On Complexity (pp. 87-123). Cheltenham: Edward Elgar. [details]
    • Hommes, C., & Wagener, F. (2009). Complex evolutionary systems in behavorial finance. In K. R. Schenk-Hoppé, & T. Hens (Eds.), Handbook of financial markets: Dynamics and evolution (pp. 217-276). Amsterdam: North-Holland / Elsevier. [details]

    2008

    • Anufriev, M., & Hommes, C. (2008). Evolutionary switching between forecasting heuristics: an explanation of an asset pricing experiment. In K. Schrdelseker, & F. Hauser (Eds.), Complexity and Artificial Markets (pp. 41-53). (Lecture Notes in Economics and Mathematical Systems; No. 614). Springer. http://link.springer.com/chapter/10.1007%2F978-3-540-70556-7_4 [details]
    • Diks, C., Hommes, C., Panchenko, V., & van der Weide, R. (2008). E&F Chaos: a user friendly software package for nonlinear economic dynamics. Computational Economics, 32(1-2), 221-244. https://doi.org/10.1007/s10614-008-9130-x [details]
    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2008). Bifurcation routes to volatility clustering under evolutionary learning. Journal of Economic Behavior & Organization, 67(1), 27-47. https://doi.org/10.1016/j.jebo.2007.07.004 [details]
    • Hommes, C. (2008). Interacting agents in finance. In S. N. Durlauf, & L. E. Blume (Eds.), The New Palgrave Dictionary of Economics. - 2nd ed. - Vol. 4 (pp. 402-406). Basingstoke: Palgrave Macmillan. [details]
    • Hommes, C., Sonnemans, J., Tuinstra, J., & van de Velden, H. (2008). Expectations and bubbles in asset pricing experiments. Journal of Economic Behavior & Organization, 67(1), 116-133. https://doi.org/10.1016/j.jebo.2007.06.006 [details]

    2007

    2006

    • Brock, W., Dindo, P., & Hommes, C. (2006). Adaptive rational equilibrium with forward looking agents. International Journal of Economic Theory, 2(3-4), 241-278. https://doi.org/10.1111/j.1742-7363.2006.0035.x [details]
    • Chiarella, C., He, X. Z., & Hommes, C. H. (2006). A dynamic analysis of moving average rules. Journal of Economic Dynamics & Control, 30(9-10), 1729-1753. https://doi.org/10.1016/j.jedc.2005.08.014 [details]
    • Chiarella, C., He, X. Z., & Hommes, C. H. (2006). Moving average rules as a source of market instability. Physica A : Statistical Mechanics and its Applications, 370(1), 12-17. https://doi.org/10.1016/j.physa.2006.04.026 [details]
    • Hommes, C. H. (2006). Heterogeneous Agent Models In Economics and Finance. In L. Tesfatsion, & K. L. Judd (Eds.), Agent-based Computational Economics (pp. 1109-1186). (Handbook of Computational Economics; No. vol.2). Amsterdam: Elsevier Science.
    • Hommes, C. H., & Manzan, S. (2006). Comments on "Testing for nonlinear structure and chaos in economic time series". Journal of Macroeconomics, 28, 169-174. https://doi.org/10.1016/j.jmacro.2005.10.012 [details]

    2005

    • Brock, W. A., Hommes, C. H., & Wagener, F. O. O. (2005). Evolutionary dynamics in markets with many trader types. Journal of mathematical economics, 41(1/2), 7-42. https://doi.org/10.1016/j.jmateco.2004.02.002
    • Hommes, C. (2005). Economic System Dynamics. In A. Scott (Ed.), Encyclopedia of Nonlinear Science (pp. 245-248). New York: Routledge.
    • Hommes, C. (2005). Heterogeneous agent models: Two simple examples. In CISM International Centre for Mechanical Sciences, Courses and Lectures (pp. 131-164). (CISM International Centre for Mechanical Sciences, Courses and Lectures; Vol. 476). Springer International Publishing. https://doi.org/10.1007/3-211-38043-4_5
    • Hommes, C. H., Huang, H., & Wang, D. (2005). A robust rational route to randomness in a simple asset pricing model. Journal of Economic Dynamics & Control, 29(6), 1043-1072. https://doi.org/10.1016/j.jedc.2004.08.003
    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2005). A strategy experiment in dynamic asset pricing. Journal of Economic Dynamics & Control, 29(4), 823-843. https://doi.org/10.1016/j.jedc.2003.11.006
    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2005). Coordination of expectations in asset pricing experiments. The Review of Financial Studies, 18(3), 955-980. https://doi.org/10.1093/rfs/hhi003

    2004

    • Brock, W. A., & Hommes, C. H. (2004). A rational route to randomness. In J. Barkley Rosser Jr. (Ed.), Complexity in Economics Volume I. Methodology, interacting agents and microeconomic models (pp. 166-202). Cheltenham, Northhampton: Edward Elgar Publishing. [details]
    • Goeree, J. K., Hommes, C. H., & Weddepohl, H. N. (2004). Stability and complex dynamics in a discrete tâtonnement model. In J. Barkley Rosser Jr. (Ed.), Complexity in Economics Volume I. Methodology, interacting agents and microeconomic models (pp. 390-405). Cheltenham, Northhampton: Edward Elgar Publishing. [details]
    • Hommes, C. H. (2004). Economic Dynamics. In A. Scott (Ed.), Encyclopedia of Nonlinear Science London: Routledge. [details]
    • Hommes, C. H., & Sorger, G. (2004). Consistent expectations equilibria. In J. Barkley Rosser Jr. (Ed.), Complexity in Economic Volume I. Methodology, interacting agents and microeconomic models (pp. 260-294). Cheltenham, Northhampton: Edward Elgar Publishing. [details]
    • Sonnemans, J. H., Hommes, C. H., Tuinstra, J., & van de Velden, H. (2004). The instability of a heterogeneous cobweb economy: a strategy experiment on expectation formation. Journal of Economic Behavior & Organization, 54(4), 453-481. https://doi.org/10.1016/j.jebo.2003.02.004 [details]

    2002

    • Brock, W. A., & Hommes, C. H. (2002). Heterogeneous beliefs and routes to complex dynamics in asset pricing models with price contingent contracts. In C. H. Hommes, R. Ramer, & C. Withagen (Eds.), Equilibrium, markets and dynamics : essays in honour of Claus Weddepohl (pp. 245-265). Springer. [details]
    • Droste, E., Hommes, C. H., & Tuinstra, J. (2002). Endogenous Fluctuations under Evolutionary Pressure in Cournot competition. Games and Economic Behavior, 40, 232-269. https://doi.org/10.1016/S0899-8256(02)00001-5 [details]
    • Hommes, C. H. (2002). Modeling the stylised facts in finance through simple nonlinear adaptive systems. In Proceedings National Academy of Sciences (PNAS) (Vol. 99, pp. 7221-7228) [details]
    • Hommes, C. H. (2002). Modeling the stylized facts in finance through simple nonlinear adaptive systems. Proceedings of the National Academy of Sciences of the United States of America, 99, 7221-7228. https://doi.org/10.1073/pnas.082080399 [details]
    • Hommes, C. H., Ramer, R., & Withagen, C. (2002). Equilibrium markets and dynamics: essays in honour of Claus Weddepohl. Springer. [details]

    2001

    • Gaunersdorfer, A., & Hommes, C. H. (2001). Nonlinear adaptive beliefs and the dynamics of financial markets: the role of the evolutionary fitness measure. In G. Dorffner, H. Bischof, & K. Hornik (Eds.), Artificial Neural Networks - ICANN 2001 (pp. 782-789). Berlin: Springer Verlag. [details]
    • Hommes, C. H. (2001). Financial markets as complex adaptive evolutionary systems. Quantitative Finance, 1, 149-167. [details]
    • Hommes, C. H. (2001). Financial markets as nonlinear adaptive evolutionary systems. Quantitative Finance, 1(1), 149-167. https://doi.org/10.1080/713665542
    • Hommes, C. H., & Rosser Jr, J. B. (2001). Consistent expectations equilibria and complex dynamics in renewable resource markets. Macroeconomic Dynamics, 5, 180-203. https://doi.org/10.1017/S1365100501019034 [details]

    2000

    • Dechert, W. D., & Hommes, C. H. (2000). Complex Nonlinear Dynamics and Computational Methods. Journal of Economic Dynamics & Control, 24, 651-662. [details]
    • Goeree, W. A., & Hommes, C. H. (2000). Heterogeneous beliefs and the non-linear cobweb model. Journal of Economic Dynamics & Control, 24, 761-798. https://doi.org/10.1016/S0165-1889(99)00025-1 [details]
    • Hommes, C. H. (2000). Chaos en economie. Nieuw Archief voor Wiskunde, 5/1(4), 356-366. [details]
    • Hommes, C. H. (2000). Cobweb Dynamics under Bounded Rationality. In E. J. Dockner, & et al (Eds.), Optimization, Dynamics, and Economic Analysis - Essays in honor of Gustav Feichtinger (pp. 134-150). Physica-Verlag.
    • Hommes, C. H. (2000). Inaugural Lecture. Chaos en Economie. Tijdschrift voor Politieke Ekonomie, 22(2), 3-31.
    • Hommes, C. H., Sonnemans, J. H., & van de Velden, H. (2000). Expectation formation in a cobweb economy. Some one person experiments. In D. Delli Gatti, M. Gallegati, & A. P. Kirman (Eds.), Interaction and market structure (pp. 253-266). Berlin: Springer Verlag.

    1999

    • Brock, W. A., & Hommes, C. H. (1999). Rational animal spirits. In A. J. J. Talman, P. J. J. Herings, & G. van der Laan (Eds.), The theory of markets. Proceedings of the colloquium Theory of Markets and their functioning (pp. 109-137). Amsterdam: Royal Academy of Arts and Sciences. [details]

    1998

    • Brock, W. A., & Hommes, C. H. (1998). Heterogeneous beliefs and routes to chaos in a simple asset pricing model. Journal of Economic Dynamics & Control, 22, 1235-1274. https://doi.org/10.1016/S0165-1889(98)00011-6 [details]
    • Goeree, J. K., Hommes, C. H., & Weddepohl, H. N. (1998). Stability and complex dynamics in a discrete tatonnement model. Journal of Economic Behavior & Organization, 33, 395-410. https://doi.org/10.1016/S0167-2681(97)00065-6 [details]
    • Hommes, C. H. (1998). On the consistency of backward looking expectations. The case of the cobweb. Journal of Economic Behavior & Organization, 33, 333-362. https://doi.org/10.1016/S0167-2681(97)00062-0 [details]
    • Hommes, C. H., & Sorger, G. (1998). Consistent Expectations. Equilibria. Macroeconomic Dynamics, 2, 287-321.
    • Hommes, C. H., & Sorger, G. (1998). Consistent expectations equilibria. Macroeconomic Dynamics, 2, 287-321. [details]

    1997

    • Brock, W. A., & Hommes, C. H. (1997). A rational route to randomness. Econometrica, 65, 1059-1095. https://doi.org/10.2307/2171879
    • Brock, W. A., & Hommes, C. H. (1997). Models of complexity in economics and finance. In J. M. Schumacher, C. Hey, B. Hanzon, & C. Praagman (Eds.), System Dynamics in Economic and Financial Models. (pp. 3-41). Chichester: Wiley. [details]
    • Feichtinger, G., Hommes, C. H., & Milik, A. (1997). Chaotic consumption patterns in a simple 2-D addiction model. Economic Theory, 10, 147-173. https://doi.org/10.1007/s001990050151 [details]

    1996

    • Hommes, C. (1996). Adaptive learning and roads to chaos: the case of the cobweb. In W. D. Dechert (Ed.), Chaos theory in economics: Methods, models and evidence (pp. 330-335). Edward Elgar Publishers.
    • Hommes, C. H., & van Eekelen, A. (1996). Partial equilibrium analysis in a noisy chaotic market. Economics Letters, 53, 275-282. https://doi.org/10.1016/S0165-1765(96)00930-5 [details]
    • Nusse, H. E., & Hommes, C. H. (1996). Resolution of chaos with application to a midified Samuelson model. In W. D. Dechert (Ed.), Chaos theory in economics : methods, models and evidence (pp. 336-354). (The international library of critical writings in economics; No. 66). Cheltenham: Elgar. [details]

    1995

    1994

    • Feichtinger, G., Herold, W., & Hommes, C. H. (1994). Chaos in a simple deterministic queuing system. Mathematical Methods of Operations Research, 40(1), 109-119.
    • Feichtinger, G., Herold, W., & Hommes, C. H. (1994). Chaos in a simple deterministic queuing system. Zeitschrift für Operations Research, 40, 109-119. [details]
    • Feichtinger, G., Hommes, C. H., & Milik, A. (1994). Complex dynamics in a threshold advertising model. OR Spektrum, 16(2), 101-111.
    • Hommes, C. (1994). Periodic, quasi-periodic and strange, chaotic attractors in Hicks' non-linear trade cycle model. In J. Grasman, & G. Straten, van (Eds.), Predictability and Nonlinear Modelling in Natural Sciences and Economics (pp. 591-598). Dordrecht: Kluwer.
    • Hommes, C. H. (1994). Dynamics of the cobweb model with adaptive expectations and non-linear supply and demand. Journal of Economic Behavior & Organization, 24(3), 315-335. https://doi.org/10.1016/0167-2681(94)90039-6 [details]

    1993

    1992

    • Hommes, C. (1992). Periodic, quasi-periodic and chaotic dynamics in a simple macro model with Hicksian nonlinearities. In G. Feichtinger (Ed.), Dynamic Economic Models and Optimal Control (pp. 385-409). Amsterdam: Elsevier Science Publishers.
    • Hommes, C. H. (1992). Cobwebs, chaos and bifurcations. Annals of Operations Research, 37(1), 97-100.

    1991

    • Hommes, C. H. (1991). Adaptive learning and roads to chaos: the case of the cobweb. Economics Letters, 36(2), 127-132. https://doi.org/10.1016/0165-1765(91)90176-L
    • Hommes, C. H., & Nusse, H. E. (1991). "Period three to period two" bifurcation for piecewise linear models. Journal of Economics, 54, 157-169. [details]

    1990

    1989

    • Hommes, C. H., & Nusse, H. E. (1989). Does an unstable Keynesian unemployment equilibrium in a non-Walrasian dynamic macromodel imply chaos? The Scandinavian Journal of Economics, 91, 161-167. https://doi.org/10.2307/3440169 [details]

    2020

    • Hodbod, A., Hommes, C., Huber, S. J., & Salle, I. L. (2020). Is COVID-19 a consumption game changer? Evidence from a large-scale multi-country survey. Covid Economics : Vetted and Real-Time Papers, 59, 40-76. http://cepr.online/CE59 [details]

    2016

    2015

    • Hommes, C. H. (Guest ed.) (2015). Journal of Economic Dynamics & Control (vol. 50, issue Special Issue Crisis & Complexity, January 2015). Journal of Economic Dynamics & Control, 50(Special Issue Crisis & Complexity, January 2015).

    2014

    2007

    • Hommes, C. H. (2007). Evolutionary and adaptive learning in complex markets: a brief summary. In J. Kertész, S. Bornholdt, & R. N. Mantegna (Eds.), Noise and Stochastics in Complex Systems and Finance: 21-24 May 2007, Florence, Italy [66010P] (Proceedings of SPIE; Vol. 6601). SPIE. https://doi.org/10.1117/12.724883 [details]

    2005

    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2005). Nonlocal onset of instability in an asset pricing model with heterogeneous agents. In F. Dumortier, H. W. Broer, J. Mawhin, A. Vanderbauwhede, & S. Verduyn Lunel (Eds.), Proceedings of EQUADIFF 2003 (Vol. 2003, pp. 613-618). World Scientific.

    1996

    • Hommes, C. H., & Nusse, H. E. (1996). Does an unstable Keynesian unemployment equilibrium in a non-Walrasian dynamic macromodel imply chaos? In W. D. Dechert (Ed.), Chaos theory in economics : methods, models and evidence (pp. 365-373). (The international library of critical writings in economics; No. 66). Cheltenham: Elgar. [details]

    1995

    • Hommes, C. H., van Strien, S. J., & de Vilder, R. G. (1995). Chaotic dynamics in a two-dimensional overlapping generations model. A numerical investigation. In G. van Straten, & J. Grasman (Eds.), Predictability and nonlinear modeling in Natural Sciences and Economics (pp. 211-229). Dordrecht: Kluwer. [details]

    1992

    • Hommes, C. H. (1992). Chaotisch prijsgedrag in een eenvoudig economisch model. Wetenschappelijk Tijdschrift voor Informatica en Modelbouw, 1, 17-31. [details]

    2017

    2015

    2013

    • Boswijk, P., & Hommes, C. (2013). Nobelprijs voor empirische analyse van financiële markten. Economisch-Statistische Berichten, 98(4672), 682-685. [details]

    2010

    • Hommes, C. H., & Wagener, F. O. O. (2010). Gevaren van financiële vernieuwing. Economisch-Statistische Berichten, 95(4594), 601-603. [details]

    2008

    2007

    • Hommes, C. H. (2007). The exchange rate in a behavioral finance framework [Review of: P. de Grauwe, M. Grimaldi (2006) The exchange rate in a behavorial finance framework]. International Review of Economics & Finance, 16, 455-457.

    2003

    • Hommes, C. (2003). De pioniers van CeNDEF. Onderzoek naar niet-lineaire systemen. Aenorm, 39, 31-34.

    2002

    • Hommes, C. (2002). Onderzoek naar de psychologie van de belegger. Kuddegedrag en nog veel meer. Beurs & Financiën, 3, 10-12.

    2001

    • Hommes, C. (2001). Bookreview: Nonlinear Dynamics. A primer [Review of: A. Medio, M. Lines (2001) Nonlinear Dynamics. A primer]. De Economist, 152.
    • Hommes, C. H. (2001). Economic dynamics: from a linear, perfectly rational view towards bounded rationality, non-linearity and complex adaptive systems. Tinbergen Magazine, 3, 3-7. [details]

    2000

    • Hommes, C. (2000). Chaos en Economie: Niet-lineaire dynamica en de gevolgen voor de verwachtingshypothese. (Oratiereeks). Vossiuspers AUP. [details]
    • Hommes, C. H. (2000). Making a new science. Nieuw Archief voor Wiskunde, 5/1(3), 309.

    1999

    • Hommes, C. (1999). Book review: Economic Dynamics. Phase diagrams and their economic application [Review of: Economic Dynamics. Phase diagrams and their economic application]. De Economist, 147.

    1997

    • Hommes, C. H. (1997). Complex Economic Dynamics (I): An Introduction to dynamical systems and market mechanism. [Review of: R.H. Day (1997) Bookreview.]. Discrete Dynamics in Nature and Society, 1, 177-178. [details]

    1996

    • Hommes, C. (1996). Book review: Chaotic dynamics. Theory and applications to economics [Review of: A. Medio. Chaotic dynamics. Theory and applications to economics]. De Economist, 144(4).

    1995

    • Hommes, C. H. (1995). Chaostheorie in de economie. Economisch-Statistische Berichten, 80(3993), 58-62. [details]

    1993

    • Hommes, C. (1993). Book review: Chaos and order in the capital markets. A new view of cycles, prices andmarket volatility [Review of: E.E. Peters. Chaos and order in the capital markets. A new view of cycles, prices andmarket volatility]. De Economist, 141(4).

    1992

    • Hammelberg, O. A., Hommes, C., & Nusse, H. E. (1992). Chaos en economie. JOURNAL NOT IN LIST, 3, 18-22.

    2010

    • Hommes, C. H. (2010). Interview with Cars Hommes. The economy as a complex nonlinear system. Tinbergen Magazine, 22, 8-12.

    2006

    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2006). Coordination of expectations in asset pricing experiments. Tinbergen Magazine, 13(Spring), 14-14.

    2003

    • Hommes, C. H. (2003). Onderzoek naar niet-lineaire systemen. Aenorm, 39, 31-34. [details]

    2001

    • Hommes, C. H. (2001). Economic Dynamics. From a linear, perfectly rational view towards bounded rationality, non-linearity and complex adaptive systems. Tinbergen Magazine, 3, 3-7.

    2000

    • Hommes, C. H. (2000). Grafiekstaren leidt tot heftige fluctuaties, interview. FEM/De Week, 26, 54-56. [details]

    1994

    • Hommes, C. H. (1994). Deterministische chaos: grenzen aan voorspelbaarheid. Rostra Economica, 200, 12-15. [details]

    Prijs / subsidie

    • Hommes, C. (2017). Wim Duisenberg Research Fellowship.
    • Hommes, C. (2016). EU Horizon 2020 grant Marie Curie Innovative Training Network (ITN).

    Lidmaatschap / relevante positie

    • Hommes, C. (2007-2017). NWO Complexity Program Committee, NWO Complexity Program Committee.

    Mediaoptreden

    • Hommes, C., Diks, C., Tuinstra, J., Wagener, F. & van der Leij, M. (01-01-2013). Interview with CeNDEF researchers [Print]. Interview with CeNDEF researchers.
    • Hommes, C. H. (15-02-2012). Interview VPRO Labyrint "Economie en schuld" [Print]. Interview VPRO Labyrint "Economie en schuld".
    • Hommes, C. H. (01-01-2012). Interview for Institute of New Economic Thinking (INET) "How expectations interact to create bubbles" by Perry Mehrling [Print] Institute of New Economic Thinking (INET). Interview for Institute of New Economic Thinking (INET) "How expectations interact to create bubbles" by Perry Mehrling.
    • Hommes, C. (16-05-2008). Interview with Cars Hommes in ''European Economics at a Crossroads'' by J.B. Rosser Jr, R.P.F. Holt and D. Colander [Print] European economics at a crossroads, Edward Elgar. Interview with Cars Hommes in ''European Economics at a Crossroads'' by J.B. Rosser Jr, R.P.F. Holt and D. Colander. http://www.e-elgar.com/Bookentry_Main.lasso?id=13585

    Tijdschriftredactie

    • Hommes, C. H. (editor) (2014-2017). Review of Behavioral Economics (Journal).
    • Hommes, C. (member of editorial board) (2013-2017). Journal of Economic Dynamics & Control (Journal).
    • Hommes, C. H. (editor) (2006-2017). Journal of Economic Interaction and Coordination (Journal).
    • Hommes, C. H. (editor) (2002-2015). Journal of Economic Dynamics & Control (Journal).
    • Hommes, C. H. (editor) (1998-2017). Computational Economics (Journal).
    • Hommes, C. H. (editor) (1997-2017). Macroeconomic Dynamics (Journal).

    Spreker

    • Hommes, C. (speaker) (28-2-2017). Amsterdamlezing: Speculatieve zeepbellen en financiele crises in het laboratorium, Amsterdamlezing, Universiteit van Amsterdam.
    • Hommes, C. (speaker) (6-1-2017). Learning to believe in simple equilibria in a complex OLG economy. Evidence from the lab, AEA meetings, January 6-8, 2017, Chicago, USA, ASSA-AEA Meetings, 6-8 January, Chicago, USA, Chicago.
    • Hommes, C. (speaker) (5-10-2016). PhD Course Heterogeneous Agent Models, German Network for New Economic Dynamics (GENED), Bamberg, Germany, PhD Course Heterogeneous Agents Models, German Network for New Economic Dynamicss (GENED), Bamberg, Germany.

    Andere

    • Hommes, C. (member of programme committee) (21-8-2017 - 25-8-2017). 70th European Meeting of the Econometric Society (organising a conference, workshop, ...).
    • Hommes, C. (member of programme committee) (28-6-2017 - 30-6-2017). Computation in Economics and Finance (CEF 2017), New York (organising a conference, workshop, ...).
    • Hommes, C. (organiser) (6-9-2016 - 8-9-2016). Learning Conference "Expectations in Dynamic Macroeconomic Models" (organising a conference, workshop, ...).
    • Hommes, C. (organiser) & Kopányi-Peuker, A. G. (organiser) (29-8-2016 - 31-8-2016). Amsterdam Behavioral & Experimental Economics (organising a conference, workshop, ...).
    • Hommes, C. (member of programme committee) (26-6-2016 - 28-6-2016). Computation in Economics and Finance (CEF) 2016, Bordeaux (organising a conference, workshop, ...).
    • Diks, C. G. H. (organiser), Hommes, C. H. (organiser) & van der Leij, M. J. (organiser) (18-5-2015 - 20-5-2015). 10th Tinbergen Institute Conference 2015: Complexity in Economics and Finance, Amsterdam, The Netherlands (organising a conference, workshop, ...).

    2022

    • Arioli, R. (2022). Non-linear behavioural New Keynesian models: Design and estimation. [Thesis, externally prepared, Universiteit van Amsterdam, University of Surrey]. [details]

    2021

    • Grimaud, A. (2021). On expectations, heterogeneity and the Phillips curve: Three essays in New Keynesian economics. [details]
    • Levelt, E. M. (2021). Essays on expectations. [details]
    • Özden, T. (2021). Adaptive learning and macroeconomic policy in DSGE models. [details]

    2019

    2018

    2017

    • Altaghlibi, M. (2017). Carbon leakage and green growth. [details]
    • Böhl, G. A. (2017). Macrofinance dynamics, heterogeneity, and policy design. [details]
    • Lustenhouwer, J. E. (2017). Monetary and fiscal policy under bounded rationality and heterogeneous expectations. [details]

    2016

    • Wang, H-M. (2016). R&D, patents and innovation: a differential game approach. [details]

    2015

    2014

    2013

    2012

    2011

    2010

    2009

    • Heemeijer, P. (2009). Expectation formation in dynamic market experiments. Amsterdam: Thela Thesis. [details]

    2008

    1991

    • Hommes, C. H. (1991). Chaotic dynamics in economic models: some simple case studies. Groningen: Wolters-Noordhoff. [details]

    2019

    • Hommes, C., Mavromatis, K., Özden, T., & Zhu, M. (2019). Behavioral Learning Equilibria in the New Keynesian model. (DNB Working paper; No. 654). Amsterdam: De Nederlandsche Bank (DNB). [details]
    • in 't Veld, D., van der Leij, M., & Hommes, C. (2019). The Formation of a Core Periphery Structure in Heterogeneous Financial Networks. (Tinbergen Institute Discussion Paper; No. TI 2014-098/II). Amsterdam: Tinbergen Institute. [details]

    2018

    2017

    • Hennequin, M., & Hommes, C. H. (2017). Managing bubbles in experimental asset markets with monetary policy.

    2016

    • Arifovic, J., Hommes, C., & Salle, I. (2016). Learning to believe in simple equilibria in a complex OLG economy - evidence from the lab. (CeNDEF Working paper; No. 16-06). Amsterdam: University of Amsterdam. [details]
    • Bao, T., Hennequin, M., Hommes, C., & Massaro, D. (2016). Coordination on bubbles in large-group asset pricing experiments. Amsterdam: Amsterdam School of Economics, University of Amsterdam. [details]
    • Hommes, C., & Lustenhouwer, J. (2016). Managing heterogeneous and unanchored expectations: a monetary policy analysis. (CeNDEF working paper; No. 16-01). Amsterdam: University of Amsterdam. [details]
    • van der Leij, M., in 't Veld, D., & Hommes, C. (2016). The formation of a core-periphery structure in heterogeneous financial networks. (CeNDEF Working Paper; No. 16-07). Amsterdam: University of Amsterdam. [details]

    2015

    • Agliari, A., Hommes, C. H., & Pecora, N. (2015). Path dependent coordination of expectations in asset pricing experiments: a behavioral explanation. (CeNDEF working paper; No. 15-05). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • Anufriev, M., Hommes, C., & Makarewicz, T. (2015). Simple forecasting heuristics that make us smart: evidence from different market experiments. (CeNDEF working paper; No. 15-07). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • Bao, T., & Hommes, C. (2015). When speculators meet constructors: positive versus negative feedback in experimental housing markets. (CeNDEF working paper; No. 15-10). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • Diks, C., Hommes, C., & Wang, J. (2015). Critical slowing down as an early warning signal for financial crises. (CeNDEF working paper; No. 15-04). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • Hommes, C., & Lustenhouwer, J. (2015). Inflation Targeting and Liquidity Traps under Endogenous Credibility. (CeNDEF working paper; No. 15-03). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • Hommes, C., & in 't Veld, D. (2015). Booms, busts and behavioural heterogeneity in stock prices. (Tinbergen Institute discussion paper; No. TI 2015-088/II). Amsterdam: Tinbergen Institute. [details]
    • Hommes, C., & in 't Veld, D. (2015). Booms, busts and behavioural heterogeneity in stock prices. Amsterdam: Amsterdam School of Economics, University of Amsterdam. [details]
    • Hommes, C., Lustenhouwer, J., & Mavromatis, K. (2015). Fiscal Consolidations and Heterogeneous Expectations. Mimeo. [details]
    • Hommes, C., Makarewicz, T., Massaro, D., & Smits, T. (2015). Genetic Algorithm Learning in a New Keynesian Macroeconomic Setup. (CeNDEF Working paper; No. 15-01). Amsterdam: University of Amsterdam. [details]
    • Hommes, C., Massaro, D., & Salle, I. (2015). Monetary and fiscal policy design at the zero lower nound - Evidence from the Lab. (CeNDEF working paper; No. 15-11). Amsterdam: CeNDEF, University of Amsterdam. [details]

    2014

    • Assenza, T., Heemeijer, P., Hommes, C., & Massaro, D. (2014). Managing self-organization of expectations through monetary policy: a macro experiment. (CeNDEF Working Papers; No. 14-07). Universiteit van Amsterdam. http://cendef.uva.nl/binaries/content/assets/subsites/amsterdam-school-of-economics-research-institute/cendef/working-papers-2014/ahhm_macro-nk-experiment.pdf?1415783795726 [details]
    • Bao, T., Hommes, C., & Makarewicz, T. (2014). Bubble formation and (in)efficient markets in learning-to-forecast and -optimize experiments. (CeNDEF Working Paper; No. 14-01). Amsterdam: Universiteit van Amsterdam. [details]
    • Bolt, W., Demertzis, M., Diks, C., Hommes, C., & van der Leij, M. (2014). Identifying booms and busts in house prices under heterogeneous expectations. (CeNDEF Working Paper; No. 14-13). Amsterdam: University of Amsterdam. [details]
    • Bolt, W., Demertzis, M., Diks, C., Hommes, C., & van der Leij, M. (2014). Identifying booms and busts in house prices under heterogeneous expectations. (Tinbergen Institute Discussion Paper; No. TI 2014-157/II). Amsterdam/Rotterdam: Tinbergen Institute. [details]
    • Bolt, W., Demertzis, M., Diks, C., Hommes, C., & van der Leij, M. J. (2014). Identifying booms and busts in house prices under heterogeneous expectations. (DNB Working Paper Series; No. 450). Amsterdam: De Nederlandsche Bank (DNB). [details]
    • Hommes, C., & in 't Veld, D. (2014). Booms, busts and behavioural heterogeneity in stock prices. (CeNDEF working paper; No. 14-14). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • in 't Veld, D., van der Leij, M., & Hommes, C. (2014). The formation of a core periphery structure in heterogeneous financial networks. (CeNDEF Working Paper; No. 14-04). Amsterdam: University of Amsterdam. [details]
    • in 't Veld, D., van der Leij, M., & Hommes, C. (2014). The formation of a core periphery structure in heterogeneous financial networks. (Tinbergen Institute Discussion Paper; No. TI-2014-098/II). Amsterdam/Rotterdam: Tinbergen Institute. [details]

    2013

    • Assenza, T., Brock, W. A., & Hommes, C. H. (2013). Animal Spirits, Heterogeneous Expectations and the Emergence of Booms and Busts. (Working Paper Series; No. 7). Milaan: Università Cattolica del Sacro Cuore. [details]
    • Assenza, T., Heemeijer, P., Hommes, C., & Massaro, D. (2013). Individual expectations and aggregate macro behavior. (Tinbergen Institute Discussion paper; No. TI 2013-016/II). Amsterdam/Rotterdam: Tinbergen Institute. [details]
    • Bolt, W., Demertzis, M., Diks, C., Hommes, C., & van der Leij, M. (2013). Bubbles and crashes in house prices under heterogeneous expectations. Amsterdam: Universiteit van Amsterdam. [details]
    • Cornea, A., Hommes, C., & Massaro, D. (2013). Behavioral heterogeneity in U.S. inflation dynamics. (Tinbergen Institute Discussion Paper; No. TI 2013-015/II). Amsterdam/Rotterdam: Tinbergen Institute. [details]
    • Hommes, C. (2013). Behaviorally rational expectations and almost self-fulfilling equilibria. (Tinbergen Institute Discussion Papers; No. 13-204/II). Amsterdam / Rotterdam: Tinbergen Institute. [details]
    • Hommes, C., & Zeppini, P. (2013). Innovate or imitate? Behavioural technological change. (Tinbergen Institute Discussion Paper; No. TI 2013-099/II). Amsterdam/Rotterdam: Tinbergen Institute. [details]
    • Hommes, C., & Zhu, M. (2013). Behavioral learning equilibria. (Tinbergen Institute Discussion Paper; No. TI 2013-014/II). Amsterdam/Rotterdam: Tinbergen Institute. [details]

    2012

    • Assenza, T., Brock, W. A., & Hommes, C. H. (2012). Animal spirits, heterogeneous expectations and the amplification and duration of crises. (CeNDEF Working Paper; No. 12-07). Amsterdam: Universiteit van Amsterdam. [details]
    • Cornea, A., Hommes, C. H., & Massaro, D. (2012). Behavioral heterogeneity in U.S. inflation dynamics. (CeNDEF Working Paper; No. 12-03). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C., & Zhu, M. (2012). Behavioral learning equilibria. (CeNDEF Working Paper; No. 12-09). Amsterdam: Universiteit van Amsterdam. [details]

    2011

    • Anufriev, M., & Hommes, C. (2011). Evolutionary selection of individual expectations and aggregate outcomes in asset pricing experiments. (CeNDEF Working Paper; No. 11-06). Amsterdam: Universiteit van Amsterdam. [details]
    • Anufriev, M., Assenza, T., Hommes, C., & Massaro, D. (2011). Interest rate rules with heterogeneous expectations. University of Amsterdam. [details]
    • Assenza, T., Heemeijer, P., Hommes, C., & Massaro, D. (2011). Individual expectations and aggregate macro behavior. (CeNDEF Working Paper; No. 11-01). Amsterdam: Universiteit van Amsterdam. [details]
    • Bao, T., Duffy, J., & Hommes, C. (2011). Learning, forecasting and optimizing: an experimental study. (CeNDEF Working Paper; No. 11-08). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. H., Ochea, M. I., & Tuinstra, J. (2011). On the stability of the Cournot equilibrium: An evolutionary approach. (CeNDEF working paper; No. 11-10). Amsterdam: CeNDEF, University of Amsterdam. [details]
    • Hommes, C., & Zhu, M. (2011). Learning under misspecification: a behavioral explanation of excess volatility in stock prices and persistence in inflation. (CeNDEF working paper; No. 11-04). Amsterdam: Universiteit van Amsterdam. [details]

    2010

    • Anufriev, M., Hommes, C. H., & Philipse, R. H. S. (2010). Evolutionary selection of expectations in positive and negative feedback markets. (CeNDEF working paper; No. 10-05). Amsterdam: Universiteit van Amsterdam. [details]
    • Bao, T., Hommes, C., Sonnemans, J., & Tuinstra, J. (2010). Individual expectations, limited rationality and aggregate outcomes. (CeNDEF working paper; No. 10-07). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. (2010). The heterogeneous expectations hypothesis: some evidence from the lab. (CeNDEF working paper; No. 10-06). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. H., & Ochea, M. I. (2010). Multiple steady states, limit cycles and chaotic attractors in evolutionary games with Logit Dynamics. (CeNDEF working paper; No. 10-04). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C., & Zeppini, P. (2010). Costly innovators versus cheap imitators: a discrete choice model. Amsterdam: CeNDEF, University of Amsterdam. [details]

    2009

    • Anufriev, M., & Hommes, C. (2009). Evolutionary selection of individual expectations and aggregate outcomes. (CeNDEF Working Paper University of Amsterdam; No. 09-09). Amsterdam: Universiteit van Amsterdam. [details]
    • Anufriev, M., Assenza, T., Hommes, C., & Massaro, D. (2009). Interest rate rules and macroeconomic stability under heterogeneous expectations. (CeNDEF working papers; No. 08-08). Amsterdam: Universiteit van Amsterdam. [details]
    • Anufriev, M., Assenza, T., Hommes, C., & Massaro, D. (2009). Interest rate rules and macroeconomic stability under heterogeneous expectations. (Tinbergen Institute discussion paper; No. 2009-040/1). Amsterdam: Universiteit van Amsterdam. [details]
    • Gardini, L., Hommes, C., Tramontana, F., & de Vilder, R. (2009). Forward and backward dynamics in implicitly defined overlapping generations models. (CeNDEF Working Paper; No. 09-02). Amsterdam: Universiteit van Amsterdam. [details]
    • Heemeijer, P., Hommes, C., Sonnemans, J., & Tuinstra, J. (2009). Inflation expectations and stability in an overlapping generations experiment with money creation. (DNB working paper; No. 241). Amsterdam: De Nederlandsche Bank. [details]
    • Hommes, C., & Lux, T. (2009). Individual expectations and aggregate behavior in learning to forecast experiments. (CeNDEF Working Paper University of Amsterdam; No. 09-03). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C., & Wagener, F. (2009). Does eductive stability imply evolutionary stability? (CeNDEF Working Paper University of Amsterdam; No. 09-10). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C., Kiseleva, T., Kuznetsov, Y., & Verbic, M. (2009). Is more memory in evolutionary selection (de)stabilizing? (CeNDEF Working Paper University of Amsterdam; No. 09-07). Amsterdam: Universiteit van Amsterdam. [details]

    2008

    • Brock, W., Hommes, C., & Wagener, F. (2008). More hedging instruments may destabilize markets. (CeNDEF working papers; No. 08-04). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C., & Wagener, F. (2008). Complex evolutionary systems in behavioral finance. (CeNDEF working papers; No. 08-05). Amsterdam: Universiteit van Amsterdam. [details]

    2007

    • Anufriev, M., & Hommes, C. (2007). Evolution of market heuristics. (CeNDEF Working Paper Universiteit van Amsterdam; No. 07-06). Amsterdam: Universiteit van Amsterdam. [details]
    • Heemeijer, P., Hommes, C., Sonnemans, J., & Tuinstra, J. (2007). Price stability and volatility in markets with positive and negative expectations feedback: an experimental investigation. (CeNDEF Working Paper; No. 06-05). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. (2007). Complexity, Evolution and Learning: a simple story of heterogeneous expectations and some empirical and experimental validation. (CeNDEF Working Paper Universiteit van Amsterdam; No. 07-07). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. H. (2007). Bounded rationality and learning in complex markets. (CeNDEF Working Paper Universiteit van Amsterdam; No. 07-01). Amsterdam: Universiteit van Amsterdam. [details]

    2006

    • Brock, W. A., Hommes, C. H., & Wagener, F. O. O. (2006). More hedging intruments may destabilize markets. (CeNDEF working paper; No. 06-12). Amsterdam: CeNDEF, University of Amsterdam.
    • Diks, C. G. H., Hommes, C. H., Panchenko, V., & van der Weide, R. (2006). E&F Chaos: a user friendly software package for nonlinear economic dynamics. (CeNDEF working paper; No. 06-15). Amsterdam: CeNDEF, University of Amsterdam.
    • Hommes, C. H. (2006). Interacting agents in finance. (CeNDEF working paper; No. 06-01). Amsterdam: CeNDEF, University of Amsterdam.

    2005

    • Boswijk, H. P., Hommes, C. H., & Manzan, S. (2005). Behavioral heterogeneity in stock prices. (CeNDEF working paper; No. 05-12). Amsterdam: Universiteit van Amsterdam.
    • Dindo, P. D. E., & Hommes, C. H. (2005). Adaptive rational equilibrium with forward looking agents. (CeNDEF working paper; No. 05-15). Amsterdam: Universiteit van Amsterdam.
    • Gaunersdorfer, A., & Hommes, C. H. (2005). A nonlinear structural model for volatility clustering. (CeNDEF Working Paper; No. 05-02). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H. (2005). Heterogeneous agent models in economics and finance. (CeNDEF Working Paper; No. 05-03). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H. (2005). Heterogeneous agents models: Two simple examples. (CeNDEF Working Paper; No. 05-01). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., & Manzan, S. (2005). Testing for nonlinear structure and chaos in economic time series: A comment. (CeNDEF Working Paper; No. 05-14). Amsterdam: Universiteit van Amsterdam.

    2004

    • Chiarella, C., He, X-Z., & Hommes, C. H. (2004). A dynamic analysis of moving average rules. (CeNDEF Working Paper; No. 04-14). Amsterdam: Universiteit van Amsterdam.
    • Heemeijer, P., Hommes, C. H., Tuinstra, J., & Sonnemans, J. H. (2004). Forming price expectations in positive and negative feedback systems. (CeNDEF Working Paper; No. 04-15). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H. (2004). Economic Dynamics - (Contribution to the Encyclopedia of Nonlinear Science, Alwyn Scott (ed.), Routledge, 2005). (CeNDEF Working Paper; No. 04-13). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Huang, H., & Wang, D. (2004). A robust rational route to randomness in a simple asset pricing model. (CeNDEF working paper; No. 02-08). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2004). Coordination of expectations in asset pricing experiments (Version March 2004). (CeNDEF Working Paper; No. 04-02). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Sonnemans, J., Tuinstra, J., & van de Velden, H. (2004). Coordination of expectations in asset pricing experiments. (CeNDEF working paper; No. 04-02). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]

    2003

    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2003). Bifurcation routes to volatility clustering under evolutionary learning. (CeNDEF Working Paper; No. 03-03). Amsterdam: Universiteit van Amsterdam.
    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2003). Bifurcation routes to volatility clustering under evolutionary learning. (CeNDEF working paper; No. 03-03). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2003). Nonlocal onset of instability in an asset pricing model with heterogeneous agents. (CeNDEF Working Paper; No. 03-10). Amsterdam: Universiteit van Amsterdam.
    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2003). Nonlocal onset of instability in an asset pricing model with heterogeneous agents. (CeNDEF working paper; No. 03-10). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., & Wagener, F. O. O. (2003). Does eductive stability imply evolutionary stability? Note on R. Guesnerie, "Anchoring economic predictions in common knowledge", Econometrica 70, March 2002, pp. 439—480. (CeNDEF working paper; No. 03-04). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., & Wagener, F. O. O. (2003). Does eductive stability imply evolutionary stability? (CeNDEF Working Paper; No. 03-04). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Sonnemans, J., Tuinstra, J., & van de Velden, H. (2003). Coordination of expectations in asset pricing experiments. (CeNDEF working paper; No. 02-07). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., Sonnemans, J., Tuinstra, J., & van de Velden, H. (2003). Coordination of expectations in asset pricing experiments. EPRINTS. [details]

    2002

    • Brock, W. A., Hommes, C. H., & Wagener, F. O. O. (2002). Evolutionary dynamics in markets with many trader types. (CeNDEF Working Paper; No. 02-10). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H. (2002). Modeling the stylized facts in finance through simple nonlinear adaptive systems. (CeNDEF working paper; No. 01-06). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., Huang, H., & Wang, D. (2002). A robust rational route to in a simple asset pricing model. (CeNDEF Working Paper; No. 02-08). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2002). Coordination of expectations in asset pricing experiments (Revised June 2003). (CeNDEF Working Paper; No. 02-07). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2002). Expectations and bubbles in asset pricing experiments. (CeNDEF Working Paper; No. 02-05). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Sonnemans, J. H., Tuinstra, J., & van de Velden, H. (2002). Learning in cobweb experiments. (CeNDEF Working Paper; No. 02-06). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H., Sonnemans, J., Tuinstra, J., & van de Velden, H. (2002). A strategy experiment in dynamic asset pricing. EPRINTS. [details]
    • Hommes, C. H., Sonnemans, J., Tuinstra, J., & van de Velden, H. (2002). Learning in Cobweb experiments. (CeNDEF working paper; No. 02-05). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]

    2001

    • Boswijk, P., Griffioen, G. A. W., & Hommes, C. (2001). Success and failure of technical trading strategies in the cocoa futures market. (Tinbergen Institute Discussion Paper; No. TI 2006-016/1). Amsterdam: Tinbergen Institute. [details]
    • Brock, W. A., & Hommes, C. H. (2001). Heterogeneous beliefs and routes to complex dynamics in asset pricing models with price contingent contracts. (CeNDEF Working Paper; No. 01-05). Amsterdam: Universiteit van Amsterdam. [details]
    • Brock, W. A., & Hommes, C. H. (2001). Heterogeneous beliefs and routes to complex dynamics in asset pricing models with price contingent contracts. (CeNDEF working paper; No. 01-05). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Brock, W. A., Hommes, C. H., & Wagener, F. O. O. (2001). Evolutionary dynamics in financial markets with many trader types. (CeNDEF Working Paper; No. 01-01). Amsterdam: Universiteit van Amsterdam. [details]
    • Brock, W. A., Hommes, C. H., & Wagener, F. O. O. (2001). Evolutionary dynamics in financial markets with many trader types. (CeNDEF working paper; No. 01-01). Amsterdam: University of Amsterdam. [details]
    • Hommes, C. H. (2001). Modeling the stylized facts in finance through simple nonlinear adaptive systems. (CeNDEF Working Paper; No. 01-06). Amsterdam: Universiteit van Amsterdam. [details]

    2000

    • Boswijk, H. P., Griffioen, G. A. W., & Hommes, C. H. (2000). Succes and Failure of Technical Training Strategies in the Cocoa Futures Market. (CeNDEF Working Paper; No. 00-06). Amsterdam: Universiteit van Amsterdam.
    • Droste, E., Hommes, C. H., & Tuinstra, J. (2000). Endogenous fluctuations under evolutionary pressure in Cournot competition. (CeNDEF working paper; No. 99-04). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Gaunersdorfer, A., & Hommes, C. H. (2000). A nonlinear structural model for volatility clustering. (CeNDEF Working Paper; No. 00-02). Amsterdam: Universiteit van Amsterdam.
    • Gaunersdorfer, A., & Hommes, C. H. (2000). A nonlinear structural model for volatility clustering. (CeNDEF Working Papers; No. 00-01). Amsterdam: Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance. [details]
    • Gaunersdorfer, A., Hommes, C. H., & Wagener, F. O. O. (2000). Bifurcation Routes to Volatility Clustering. (CeNDEF Working Paper; No. 00-04). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H. (2000). Financial markets as nonlinear adaptive evolutionary systems. (CeNDEF Working Paper; No. 00-03). Amsterdam: Universiteit van Amsterdam.
    • Hommes, C. H. (2000). Financial markets as nonlinear adaptive evolutionary systems. (CeNDEF working paper; No. 00-03). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., & Rosser Jr, B. J. (2000). Consistent expectations equilibria and complex dynamics in renewable resource markets. (CeNDEF Working Paper; No. 00-05). Amsterdam: Universiteit van Amsterdam.

    1999

    • Dechert, W. D., & Hommes, C. H. (1999). Complex nonlinear dynamics and computational methods. (CeNDEF Working Paper; No. 99-01). Amsterdam: Universiteit van Amsterdam.
    • Dechert, W. D., & Hommes, C. H. (1999). Complex nonlinear dynamics and computational methods. (CeNDEF working paper; No. 99-04). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Droste, E., Hommes, C. H., & Tuinstra, J. (1999). Endogenous fluctuations under evolutionary pressure in counot competition. (CeNDEF Working Paper; No. 99-04). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. H. (1999). Cobweb dynamics under bounded rationality. (CeNDEF Working Paper; No. 99-05). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. H. (1999). Cobweb dynamics under bounded rationality. EPRINTS. [details]
    • Hommes, C. H., & Barkley Rosser Jr., J. (1999). Consistent expectations equilibria and complex dynamics in renewable resource markets. (Tinbergen Institute Discussion Paper; No. TI 1999-052/1). Amsterdam / Rotterdam: Tinbergen Institute. [details]
    • Hommes, C. H., Sonnemans, J., & Tuinstra, J. (1999). Expectations driven price volatility in an experimental coweb economy. (CeNDEF working paper; No. 99-07). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Sonnemans, J. H., Hommes, C. H., Tuinstra, J., & van de Velden, H. (1999). The instability of a heterogeneous cobweb economy. A strategy experiment in expectation formation. (CeNDEF Working Paper; No. 99-06). Amsterdam: Universiteit van Amsterdam. [details]

    1998

    • Brock, W. A., & Hommes, C. H. (1998). Rational Animal Spirits. (CeNDEF Working Paper; No. 98-01). Amsterdam: Universiteit van Amsterdam. [details]
    • Goeree, J. K., & Hommes, C. H. (1998). Heterogeneous beliefs and the non-linear Coweb model. (CeNDEF working paper; No. 98-04). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., & Brock, W. A. (1998). Rational animal spirits. (CeNDEF Working paper; No. 98-01). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]
    • Hommes, C. H., Sonnemans, J. H., & van de Velden, H. (1998). Expectation formation in a cobweb economy, some one person experiments. (CeNDEF Working Paper; No. 98-02). Amsterdam: Universiteit van Amsterdam. [details]
    • Hommes, C. H., Sonnemans, J., & van de Velden, H. (1998). Expectations formation in a Cobweb economy: some one persons experiments. (CeNDEF working paper; No. 98-02). Amsterdam: CeNDEF, Department of Economics, University of Amsterdam. [details]

    1997

    • Goeree, J. K., & Hommes, C. H. (1997). Heterogeneous beliefs and the non-linear cobweb model. (Tinbergen Institute Discussion Papers; No. TI 1997-115/1). Amserdam / Rotterdam: Tinbergen Institute. [details]
    • Hommes, C. H., & Sorger, G. (1997). Consistent expectations equilibria. (Tinbergen Institute Discussion Paper; No. TI 1997-051/1). Amsterdam / Rotterdam: Tinbergen Institute.

    1996

    • Brock, W. A., & Hommes, C. H. (1996). Models of complexity in economics and finance. (Report AE; No. 5/96). Amsterdam: vakgroep kwantitatieve methoden.
    • Feichtinger, G., Hommes, C. H., & Milik, A. (1996). Chaotic consumption patterns in a simple 2-D addiction model. (TI discussion paper; No. 96/84-8). Amsterdam: Tinbergen Institute. [details]
    • Hommes, C. H., & van Eekelen, A. (1996). Partial equilibrium analysis in a noisy chaotic market. (TI discussion paper; No. 96/108-8). Amsterdam: Tinbergen Institute.

    1995

    • Brock, W. A., & Hommes, C. H. (1995). A rational route to randomness. (Working paper University of Wisconsin and UvA; No. December). Amsterdam: vg actuariaat, kwantitatieve methoden en.
    • Brock, W. A., & Hommes, C. H. (1995). Rational routes to randomness. (SSRI working paper; No. 9506). Wisconsin: SSRI, University of Wisconsin. [details]
    • Goeree, J. K., Hommes, C. H., & Weddepohl, H. N. (1995). Stability of complex dynamics in discrete tatonnement model. (AE report; No. 10/95). AE. [details]
    • Hommes, C. H. (1995). On the consistency of backward looking expectations: the case of the cobweb. (Working paper UvA; No. Juni). Amsterdam: vg actuariaat, kwantitatieve methoden en.
    • Hommes, C. H., & de Vilder, R. G. (1995). Investment constrained endogenous business cycles in a 2-D OLG model. (Discussion paper; No. 9503). Parijs, Frankrijk: CEPREMAP. [details]
    • Hommes, C. H., & de Vilder, R. G. (1995). Sunspot equilibria in an implicitely defined overlapping generations model. (Working paper UvA). Amsterdam: vg actuariaat, kwantitatieve methoden en. [details]

    2019

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