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New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects Book
This book contributes substantively to the current state of art of 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 stategies. Adopting a level of micoeconomic 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.Read More
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- 0521637694
- 9780521637695
- Masanao Aoki
- 13 February 1998
- Cambridge University Press
- Paperback (Book)
- 308
- New Ed
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