Abstract
From the perspective of complexity economics, this paper studied the international dry bulk freight rate system, put forward the concept and structure model of the international dry bulk freight rate system and summarized its characteristics such as emergent properties, dynamicity, evolution and innovation, nonlinearity and non-equilibrium, which provides a new idea and research method for the study of the international dry bulk freight rate system.
Highlights
Most of the current literature study the dry bulk freight rate from the perspective of economics
The research results show that Baltic Dry Index (BDI) time series has sensitive dependence on initial value, which means that the international dry bulk freight rate system is a nonlinear dynamic system with obvious chaotic characters
Based on evolution theory and complex adaptive system theory, the complexity economics requires us to detach from the curve of the rise and fall of dry bulk freight rate, and consider the international dry bulk freight market as a whole, or a system
Summary
Most of the current literature study the dry bulk freight rate from the perspective of economics. Simone cashili [1] and Li Zhenfu [2] proposed to study the world shipping system from the perspective of complex adaptive system They believe that there are many adaptive and intelligent individuals such as ports and shipping enterprises. Zhang Houbao [3] proposed using Chaos Theory to analyze and verify the nonlinear properties of international dry bulk freight rate system and time series. The research results show that BDI time series has sensitive dependence on initial value, which means that the international dry bulk freight rate system is a nonlinear dynamic system with obvious chaotic characters. There may be a more in-depth understanding of the international dry bulk freight rate market from a complex economic system in combination of the two perspectives. This paper will analyze the complex economic characteristics of the international dry bulk freight rate system from complexity economics, and establish a theoretical model of the feedback mechanism of the dry bulk freight rate system, which is of positive significance to analyzing and understanding the operation mechanism and evolution law of the international dry bulk freight rate market
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