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Item Details
| Title:
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NEW APPROACHES TO MACROECONOMIC MODELING
EVOLUTIONARY STOCHASTIC DYNAMICS, MULTIPLE EQUILIBRIA, AND EXTERNALITIES AS FIELD EFFECTS |
| By: |
Masanao Aoki |
| Format: |
Electronic book text |
| List price:
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£85.00 |
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We currently do not stock this item, please contact the publisher directly for
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| ISBN 10: |
0511664672 |
| ISBN 13: |
9780511664670 |
| Publisher: |
CAMBRIDGE UNIVERSITY PRESS |
| Pub. date: |
5 May, 2010 |
| Description: |
This book provides a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects. |
| Synopsis: |
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. |
| Illustrations: |
9 b/w illus. |
| Publication: |
UK |
| Imprint: |
Cambridge University Press (Virtual Publishing) |
| Returns: |
Non-returnable |
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A celebratory, inclusive and educational exploration of Ramadan and Eid al-Fitr for both children that celebrate and children who want to understand and appreciate their peers who do.
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