New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (Paperback) (ISBN-13: 9780521637695)

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.

Author: Masanao Aoki, Aoki Masanao
ISBN-10: 0521637694
ISBN-13: 9780521637695
Publisher: Cambridge University Press
Language: English
Published: 02/13/1998
Pages: 308
Format: Paperback
Weight: 0.93lbs
Size: 9.03h x 6.04w x 0.71d