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Modeling Aggregate Behavior and Fluctuations in Economics
Stochastic Views of Interacting Agents

$51.00

  • Date Published: September 2004
  • availability: In stock
  • format: Paperback
  • isbn: 9780521606196

$51.00
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About the Authors
  • This book analyzes how a large but finite number of agents interact, and what sorts of macroeconomic statistical regularities or patterns may evolve from these interactions. By keeping the number of agents finite, the book examines situations such as fluctuations about equilibria, multiple equilibria and asymmetrical cycles of models which are caused by model states stochastically moving from one basin of attraction to another. All of these are not tractable using traditional deterministic modeling approaches. The book also discusses how agents may form clusters with stationary distributions of cluster sizes. These have important applications in analyzing volatilities of asset returns.

    • Most rigorous modeling available for economics of random combinatorics of interacting agents
    • Author internationally known for his adaptations of physical models to economic phenomena; this is his tenth book
    • Has useful applications in finance and market analysis
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    Product details

    • Date Published: September 2004
    • format: Paperback
    • isbn: 9780521606196
    • length: 280 pages
    • dimensions: 229 x 153 x 18 mm
    • weight: 0.447kg
    • availability: In stock
  • Table of Contents

    1. Overview
    2. Setting up dynamic models
    3. The master equation
    4. Introductory simple and simplified models
    5. Aggregate dynamics and fluctuations of simple models
    6. Evaluation of alternatives
    7. Solving non-stationary master equations
    8. Growth and business cycle models
    9. Example: a new look at the diamond search model
    10. Interaction patterns of agents and distributions of cluster sizes
    11. Example: share markets with two dominant types of participants in a market.

  • Author

    Masanao Aoki, University of California, Los Angeles
    fm.author_biographical_note1

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