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

$53.99 (C)

  • Date Published: February 1998
  • availability: Available
  • format: Paperback
  • isbn: 9780521637695

$ 53.99 (C)

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About the Authors
  • 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.

    • State-of-the-art contribution to macroeconomic modeling by one of the leading theorists in the field
    • Author of previous books known for their rigor and innovativeness
    • Wide appeal, will be of interest to applied mathematicians, operations researchers, and statisticians as well as economists
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    Reviews & endorsements

    "Economists are indebted to Masanao Aoki. He has done an excellent job in bringing together a large amount of important material on stochastic dynamics, showing economists how to use it, and presenting it all in a clear and readable manner. The examples which he presents are interesting but surely only scratch the surface of what these tools can do to improve the realism and depth of economic modeling, macro and micro." Ken Judd, Hoover Institution, Stanford University

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    Product details

    • Date Published: February 1998
    • format: Paperback
    • isbn: 9780521637695
    • length: 308 pages
    • dimensions: 230 x 153 x 19 mm
    • weight: 0.425kg
    • contains: 9 b/w illus.
    • availability: Available
  • Table of Contents

    Part I. Introduction:
    1. Introduction
    2. Simple illustrative and motivating examples
    3. Empirical distributions: statistical laws in macroeconomics
    Part II. Modeling Interactions:
    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
    Part III. Hierarchical Dynamics and Critical phenomena:
    7. Sluggish dynamics and hierarchical state spaces
    8. Self-organizing and other critical phenomena in economic models
    9. Appendices
    Symbol Index
    Subject Index.

  • Author

    Masanao Aoki, University of California, Los Angeles

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