The Resource New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects, Masanao Aoki

New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects, Masanao Aoki

Label
New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects
Title
New approaches to macroeconomic modeling
Title remainder
evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects
Statement of responsibility
Masanao Aoki
Creator
Subject
Language
eng
Summary
  • This book contributes substantively to the current state of the art of macroeconomic modeling by providing a method for modeling large collections of possibly heterogeneous agents subject to nonpairwise externality called field effects, that is, feedback of aggregate effects on individual agents or agents using state-dependent strategies. By 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. Macroeconomic dynamics naturally arise from these equations by expansion of the solutions 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
Cataloging source
DLC
http://library.link/vocab/creatorName
Aoki, Masanao
Illustrations
illustrations
Index
index present
LC call number
HB172.5
LC item number
.A58 1996
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Macroeconomics
  • Makroökonomik
  • Macroéconomie
  • Macroeconomics
  • Econometrische modellen
  • Macro-economie
  • Macroéconomie
  • Modèle mathématique
  • Makroökonomie
  • Mathematisches Modell
  • Makroökonomisches Modell
  • Dynamisches System
Label
New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects, Masanao Aoki
Instantiates
Publication
Bibliography note
Includes bibliographical references (p. 268-280) and index
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
1. Introduction -- 2. Simple Illustrative and Motivating Examples -- 3. Empirical Distributions: Statistical Laws in Macroeconomics -- 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 -- 7. Sluggish Dynamics and Hierarchical State Spaces -- 8. Self-organizing and Other Critical Phenomena in Economic Models -- Elaborations and Future Directions of Research
Dimensions
24 cm
Extent
xv, 288 pages
Isbn
9780521482073
Lccn
95050134
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other control number
ZBWT00692018
Other physical details
illustrations
System control number
  • (OCoLC)33818214
  • (OCoLC)ocm33818214
Label
New approaches to macroeconomic modeling : evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects, Masanao Aoki
Publication
Bibliography note
Includes bibliographical references (p. 268-280) and index
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
1. Introduction -- 2. Simple Illustrative and Motivating Examples -- 3. Empirical Distributions: Statistical Laws in Macroeconomics -- 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 -- 7. Sluggish Dynamics and Hierarchical State Spaces -- 8. Self-organizing and Other Critical Phenomena in Economic Models -- Elaborations and Future Directions of Research
Dimensions
24 cm
Extent
xv, 288 pages
Isbn
9780521482073
Lccn
95050134
Media category
unmediated
Media MARC source
rdamedia
Media type code
n
Other control number
ZBWT00692018
Other physical details
illustrations
System control number
  • (OCoLC)33818214
  • (OCoLC)ocm33818214

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