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Interactive Macroeconomics
Stochastic Aggregate Dynamics with Heterogeneous and Interacting Agents

£116.00

Part of Physics of Society: Econophysics and Sociophysics

  • Date Published: April 2017
  • availability: In stock
  • format: Hardback
  • isbn: 9781107198944

£ 116.00
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  • One of the major problems of macroeconomic theory is the way in which the people exchange goods in decentralized market economies. There are major disagreements among macroeconomists regarding tools to influence required outcomes. Since the mainstream efficient market theory fails to provide an internal coherent framework, there is a need for an alternative theory. The book provides an innovative approach for the analysis of agent based models, populated by the heterogeneous and interacting agents in the field of financial fragility. The text is divided in two parts; the first presents analytical developments of stochastic aggregation and macro-dynamics inference methods. The second part introduces macroeconomic models of financial fragility for complex systems populated by heterogeneous and interacting agents. The concepts of financial fragility and macroeconomic dynamics are explained in detail in separate chapters. The statistical physics approach is applied to explain theories of macroeconomic modelling and inference.

    • Offers statistical mechanics approach to macroeconomics
    • Discusses use of statistical mechanics in macroeconomic modeling
    • Follows a probabilistic approach for the analytical solution of agent based models
    • Systematic treatment of stochastic dynamic aggregation techniques used for multi-agent models
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    Product details

    • Date Published: April 2017
    • format: Hardback
    • isbn: 9781107198944
    • length: 302 pages
    • dimensions: 237 x 160 x 20 mm
    • weight: 0.52kg
    • availability: In stock
  • Table of Contents

    Preface
    List of tables
    List of figures, 1. Introduction
    Part I. Methodological Notes and Tools:
    2. The state space notion
    3. The master equation
    Part II. Applications to HIA Based Models:
    4. Financial fragility and macroeconomic dynamics I: heterogeneity and interaction
    5. Financial fragility and macroeconomic Dynamics II: learning
    Part III. Conclusions:
    6. Conclusive remarks
    Part IV. Appendices and Complements: Appendix A: Complements to Chapter 3
    Appendix B: Solving the ME to solve the ABM
    Appendix C: Specifying transition rates
    Index.

  • Authors

    Corrado Di Guilmi, University of Technology, Sydney
    Corrado Di Guilmi earned his Ph.D. in Economics from Università Politecnica delle Marche, Ancona, Italy in 2008. He is currently working as Senior Lecturer in the Economics Discipline Group of the University of Technology, Sydney. He is associate editor of the Review of Keynesian Economics and of Complexity Economics. He was visiting fellow at the Department of Economics of the University of Cambridge, the Department of Applied Mathematics of the Australia National University, the New School for Social Research in New York. His research interests include business cycle, agent-based modelling, nonlinear modelling applications in economics of complex system theory and Post-Keynesian economics.

    Mauro Gallegati, Università Politecnica delle Marche
    Mauro Gallegati is Professor of Advanced Macroeconomics at the Università Politecnica delle Marche, Italy. He obtained his Ph.D. in Economics from the Università degli Studi di Ancona, Italy in 1989. He has been visiting professor in several universities including Stanford University, Columbia University and Massachusetts Institute of Technology. His research includes business fluctuations, econophysics, nonlinear dynamics, models of financial fragility and heterogeneous interacting agents. He published papers in economic, history of economy and history of economic analysis, nonlinear math, applied economics and econophysics.

    Simone Landini, Istituto di Ricerche Economico Sociali del Piemonte, Italy
    Simone Landini earned his Doctoral Degree in Mathematics from the University of Milano Bicocca, Italy in 2006. He is a researcher at the Istituto di Ricerche Economico Sociali del Piemonte (IRES Piemonte), Turin, Italy. He has been visiting Fellow at the Faculty of Business at the University of Technology, Sydney. His research interests include macroeconomics, dynamics of industrial and banking sectors, the financial fragility of economic systems, income and wealth distribution, financial markets analysis and microstructure, agent based modelling and their analytical solution, statistical physics and econometric applications to social and regional sciences.

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