000			02760nam a22003378i 4500
001			CR9780511664670
003			UkCbUP
005			20200124160331.0
006			m|||||o||d||||||||
007			cr||||||||||||
008			091216s1996||||enk o ||1 0|eng|d
020			_a9780511664670 (ebook)
020			_z9780521482073 (hardback)
020			_z9780521637695 (paperback)
040			_aUkCbUP _beng _erda _cUkCbUP
050	0	0	_aHB172.5 _b.A58 1996
082	0	0	_a339 _220
100	1		_aAoki, Masanao, _eauthor.
245	1	0	_aNew approaches to macroeconomic modeling : _bevolutionary stochastic dynamics, multiple equilibria, and externalities as field effects / _cMasanao Aoki.
264		1	_aCambridge : _bCambridge University Press, _c1996.
300			_a1 online resource (xv, 288 pages) : _bdigital, PDF file(s).
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
500			_aTitle from publisher's bibliographic system (viewed on 08 Oct 2015).
505	0		_a1. 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.
520			_aThis 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.
650		0	_aMacroeconomics _xMathematical models.
776	0	8	_iPrint version: _z9780521482073
856	4	0	_uhttps://doi.org/10.1017/CBO9780511664670
999			_c522595 _d522593