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portada New Approaches to Macroeconomic Modeling Paperback: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects
Type
Physical Book
Publisher
Author
Year
1998
Language
English
Pages
308
Format
Paperback
ISBN
0521637694
ISBN13
9780521637695
Categories

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

Masanao Aoki (Author) · Cambridge University Press · Paperback

New Approaches to Macroeconomic Modeling Paperback: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects - Masanao Aoki

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

This book contributes substantively to the current state of the art of macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to nonpairwise 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 that 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.

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