New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects
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Book Overview
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.
Format:Paperback
Language:English
ISBN:0521637694
ISBN13:9780521637695
Release Date:February 1998
Publisher:Cambridge University Press
Length:308 Pages
Weight:0.93 lbs.
Dimensions:0.7" x 6.0" x 9.0"
Related Subjects
Business Business & Investing Econometrics Economics Macroeconomics Popular Economics TheoryCustomer Reviews
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