New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects
Author(s)
Bibliographic Information
New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects
Cambridge University Press, 1996
- : hbk
Available at 49 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
  Switzerland
  France
  Belgium
  Netherlands
  Sweden
  Norway
  United States of America
Note
Includes bibliographical references (p. 268-280) and index
Description and Table of Contents
Description
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.
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.
by "Nielsen BookData"