Randomness and Complexity in Social Explanation: Evidence from Finance and Bankruptcy Law
Valparaiso University Law School
August, 11 2008
Valparaiso University Legal Studies Research Paper No. 08-08
Georgia State University Law Review, 2008
This Article examines randomness as a mechanism of social explanation, and compares randomness to alternative explanations emerging from the science of complex systems. The Article establishes definitions of randomness and examines the uses of randomness in the quantitative modeling of social phenomena. Using examples from ecology, finance (especially Mandelbrot's critique of standard financial models), and bankruptcy law, the Article argues that complexity alternatives to randomness are explanatory and may be a rich field for further research in legal systems.
Number of Pages in PDF File: 18
Keywords: chaos, self-organizing systems, critical systems, complexity, random, quantitative modeling, Brownian, social explanation, Gaussian, bankruptcy, nonlinear, finance, Mandelbrot, efficient capital markets hypothesis, informal ordering, fractalAccepted Paper Series
Date posted: August 11, 2008
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