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

305 Pages·1998·6.821 MB·English
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by Masanao Aoki| 1998| 305 pages| 6.821| English

About New Approaches to Macroeconomic Modeling: 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.

Detailed Information

Author:Masanao Aoki
Publication Year:1998
ISBN:521482070
Pages:305
Language:English
File Size:6.821
Format:PDF
Price:FREE
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