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New Approaches to Macroeconomic Modeling Paperback: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (in English)
Masanao Aoki (Author)
·
Cambridge University Press
· Paperback
New Approaches to Macroeconomic Modeling Paperback: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (in English) - Masanao Aoki
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Synopsis "New Approaches to Macroeconomic Modeling Paperback: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (in English)"
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.
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The book is written in English.
The binding of this edition is Paperback.
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