Modeling Aggregate Behavior and Fluctuations in Economics (Paperback) (ISBN-13: 9780521606196)

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.

Author: Masanao Aoki
ISBN-10: 0521606195
ISBN-13: 9780521606196
Publisher: Cambridge University Press
Language: English
Published: 09/20/2004
Pages: 280
Format: Paperback
Weight: 0.95lbs
Size: 8.80h x 5.90w x 0.80d