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New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects

by Masanao Aoki , Aoki Masanao
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Current price ₹5,624.00
Original price ₹5,720.00
Original price ₹5,720.00
Original price ₹5,720.00
(-2%)
₹5,624.00
Current price ₹5,624.00

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Book cover type: Paperback
  • ISBN13: 9780521637695
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Cambridge University Press
  • Publisher Imprint: Cambridge University Press
  • Publication Date:
  • Pages: 308
  • Original Price: GBP 44.0
  • Language: English
  • Edition: Revised
  • Item Weight: 422 grams
  • BISAC Subject(s): Economics / Theory

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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