We live in a connected world of coupled dynamic systems. Epidemic dynamics, economic contagions, network transmission of poor information, human emotions and behaviours are producing concurrent and mutually amplifying shocks to global systems. The standard approaches of economics are inadequate to explain, to forecast, or to control this complex system. New science, modelling and analysis tools are essential to understand these coupled nonlinear systems and to inform policy.
This session is envisioning and discussing the approaches needed to analyse the many, often irrational-seeming, behaviours that are generated by the myriad interactions of billions of people, firms and institutions locally or globally, in small groups or as nations, at timescales ranging from nanoseconds (as in computer trading) to millennia (as in evolution).
Building on the expertise and capacity of an inter-disciplinary panel of neuroscientists, engineers and economists, this ISPOR Signal event will discuss innovative approaches for understanding the complexity of people, human-made systems and our economies and societies and how to ensure their adaptability, recovery and resilience. This involves applying insights and methods from behavioural neuroscience, contagion dynamics, network science, econophysics, and mathematics to policy questions spanning public health, economics, inequality, conflict, and other volatile dynamics.