Modeling Aggregate Behavior and Fluctuations in Economics
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Book Overview
This book analyzes how a large but finite number of agents interact, and what sorts of macroeconomic statistical regularities or patterns may evolve from these interactions. By keeping the number of agents finite, the book examines situations such as fluctuations about equilibria, multiple equilibria and asymmetrical cycles of models which are caused by model states stochastically moving from one basin of attraction to another. All of these are not tractable using traditional deterministic modeling approaches. The book also discusses how agents may form clusters with stationary distributions of cluster sizes. These have important applications in analyzing volatilities of asset returns.
Format:Paperback
Language:English
ISBN:0521606195
ISBN13:9780521606196
Release Date:September 2004
Publisher:Cambridge University Press
Length:280 Pages
Weight:0.95 lbs.
Dimensions:0.8" x 5.9" x 8.8"
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