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New Approaches to Macroeconomic Modeling
Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects

£32.99

  • Date Published: June 1998
  • availability: Available
  • format: Paperback
  • isbn: 9780521637695

£ 32.99
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About the Authors
  • This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependent strategies. Adopting a level of microeconomic description which keeps track of compositions of fractions of agents by 'types' or 'strategies', time evolution of the microeconomic states is described by (backward) Chapman-Kolmogorov equations. Macroeconomic dynamics naturally arise by expansion of the solution in some power series of the number of participants. Specification of the microeconomic transition rates thus leads to macroeconomic dynamic models. This approach provides a consistent way for dealing with multiple equilibria of macroeconomic dynamics by ergodic decomposition and associated calculations of mean first passage times, and stationary probabilities of equilibria further provide useful information on macroeconomic behavior.

    • State-of-the-art contribution to macroeconomic modeling by one of the leading theorists in the field
    • Author of previous books known for their rigor and innovativeness
    • Wide appeal, will be of interest to applied mathematicians, operations researchers, and statisticians as well as economists
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    Product details

    • Date Published: June 1998
    • format: Paperback
    • isbn: 9780521637695
    • length: 308 pages
    • dimensions: 229 x 152 x 18 mm
    • weight: 0.46kg
    • contains: 9 b/w illus.
    • availability: Available
  • Table of Contents

    Part I. Introduction:
    1. Introduction
    2. Simple illustrative and motivating examples
    3. Empirical distributions: statistical laws in macroeconomics
    Part II. Modeling Interactions:
    4. Modeling interactions I: Jump Markov processes
    5. Modeling interactions II: master equations and field effects
    6. Modeling interactions III: pairwise and multiple-pair interactions
    Part III. Hierarchical Dynamics and Critical phenomena:
    7. Sluggish dynamics and hierarchical state spaces
    8. Self-organizing and other critical phenomena in economic models
    9. Appendices
    Symbol Index
    Subject Index.

  • Author

    Masanao Aoki, University of California, Los Angeles

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