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...
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| Main Author: | |
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| Format: | eBook |
| Language: | English |
| Published: |
Cambridge
Cambridge University Press
1996
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| Links: | 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. |
| Physical Description: | 1 Online-Ressource (xv, 288 Seiten) |
| ISBN: | 9780511664670 |
Staff View
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| spelling | Aoki, Masanao New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects Masanao Aoki Cambridge Cambridge University Press 1996 1 Online-Ressource (xv, 288 Seiten) txt c cr 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. Erscheint auch als Druck-Ausgabe 9780521482073 Erscheint auch als Druck-Ausgabe 9780521637695 |
| spellingShingle | Aoki, Masanao New approaches to macroeconomic modeling evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects |
| 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 |
| work_keys_str_mv | AT aokimasanao newapproachestomacroeconomicmodelingevolutionarystochasticdynamicsmultipleequilibriaandexternalitiesasfieldeffects |