New approaches to macroeconomic modeling: evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects
This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependen...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Cambridge
Cambridge University Press
1996
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| Subjects: | |
| Links: | https://doi.org/10.1017/CBO9780511664670 https://doi.org/10.1017/CBO9780511664670 https://doi.org/10.1017/CBO9780511664670 https://doi.org/10.1017/CBO9780511664670 |
| Summary: | This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise 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 which 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 by expansion of the solution 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 |
| Item Description: | Title from publisher's bibliographic system (viewed on 08 Oct 2015) |
| Physical Description: | 1 online resource (xv, 288 pages) |
| ISBN: | 9780511664670 |
| DOI: | 10.1017/CBO9780511664670 |
Staff View
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| 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 |
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| discipline | Wirtschaftswissenschaften |
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| id | DE-604.BV043929464 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T17:48:55Z |
| institution | BVB |
| isbn | 9780511664670 |
| language | English |
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| physical | 1 online resource (xv, 288 pages) |
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| publishDate | 1996 |
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| publisher | Cambridge University Press |
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| spelling | Aoki, Masanao Verfasser aut New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects Masanao Aoki Cambridge Cambridge University Press 1996 1 online resource (xv, 288 pages) txt rdacontent c rdamedia cr rdacarrier Title from publisher's bibliographic system (viewed on 08 Oct 2015) 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 This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise 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 which 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 by expansion of the solution 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 Mathematisches Modell Macroeconomics / Mathematical models Makroökonomisches Modell (DE-588)4074486-3 gnd rswk-swf Dynamisches System (DE-588)4013396-5 gnd rswk-swf Makroökonomisches Modell (DE-588)4074486-3 s Dynamisches System (DE-588)4013396-5 s 1\p DE-604 Erscheint auch als Druckausgabe 978-0-521-48207-3 Erscheint auch als Druckausgabe 978-0-521-63769-5 https://doi.org/10.1017/CBO9780511664670 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Aoki, Masanao New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects 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 Mathematisches Modell Macroeconomics / Mathematical models Makroökonomisches Modell (DE-588)4074486-3 gnd Dynamisches System (DE-588)4013396-5 gnd |
| subject_GND | (DE-588)4074486-3 (DE-588)4013396-5 |
| title | New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects |
| title_auth | New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects |
| title_exact_search | New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects |
| title_full | New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects Masanao Aoki |
| title_fullStr | New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects Masanao Aoki |
| title_full_unstemmed | New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects Masanao Aoki |
| title_short | New approaches to macroeconomic modeling |
| title_sort | new approaches to macroeconomic modeling evolutionary stochastic dynamics multiple equilibria and externalities as field effects |
| title_sub | evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects |
| topic | Mathematisches Modell Macroeconomics / Mathematical models Makroökonomisches Modell (DE-588)4074486-3 gnd Dynamisches System (DE-588)4013396-5 gnd |
| topic_facet | Mathematisches Modell Macroeconomics / Mathematical models Makroökonomisches Modell Dynamisches System |
| url | https://doi.org/10.1017/CBO9780511664670 |
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