Universiteit van Amsterdam (UvA)

The University of Amsterdam is one of the largest general research universities in Europe. The Center for Nonlinear Dynamics in Economics and Finance (CeNDEF), a research center within the Amsterdam School of Economics, was initiated in 1998 by a Cars Hommes, through a prestigious Pioneer-grant from the Dutch Organisation of Scientific Research (NWO). CeNDEF rapidly became a leading international research centre on complexity and behavioural economics and finance. In particular the centre has specialized in theoretical understanding and empirical and experimental testing of heterogeneous expectations in macroeconomics and finance. CeNDEF researchers and students all have interdisciplinary scientific backgrounds, combining expertise in mathematics, physics, economics and computer science. The group currently contributes to two other EU FP7 projects the Complexity Research Initiative for Systemic InstabilitieS (CRISIS) project and Macro-Risk Assessment and Stabilization Policies with New Early Warning Signals (RASTANEWS).

Main tasks in the project

UvA will lead WP1 and contributes to WP2, WP7 and WP9. As project coordinator they will be the main contributor to WP12 and WP13.

More information

Key researchers and other contacts

Team leader and Project coordinator

  • Cars Hommes is a full Professor in Economic Dynamics at the Amsterdam School of Economics since 1999 and director of CeNDEF at UvA. His current research focuses on the role of expectations, learning and bounded rationality in dynamic economic models. Together with William Brock he proposed a behavioural theory of heterogeneous expectations based upon evolutionary selection and tested heterogeneity in laboratory experiments and empirical economic time series. This behavioral complexity framework has been applied to financial market models and more recently also to dynamic macro modelling.


  • Tomasz Makarewicz is postdoc researcher at the Amsterdam School of Economics since 2014. He is appointed to the MACFINROBODS project for a period of two years.
  • Domenico Massaro is postdoc researcher at the Amsterdam School of Economics since 2011. He specializes in models of bounded rationality with heterogeneous agents in macroeconomics and experimental macroeconomics.
  • Isabelle Salle is postdoc researcher at the Amsterdam School of Economics since 2013. She is an expert in agent-based macroeconomics and running macroeconomic laboratory experiments.
  • Jan Tuinstra is a full professor of Mathematical Economics at the Amsterdam School of Economics. He has a background in economic theory and specializes in experimental economics and is particularly well known from his “learning to forecast” laboratory experiments.
  • Florian Wagener is associate Professor at the Amsterdam School of Economics. He specializes in dynamic optimization and bifurcation analysis and the theory of complex economic systems.
  • Joep Lustenhouwer is PhD student at the Amsterdam School of Economics since 1 September 2014
  • Mei Zhu is a guest researcher at the Amsterdam School of Economics


Karin Breen has been appointed to the project as project manager on 1 May 2014 in order to support Cars Hommes in his management tasks as coordinator.