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

by Masahiko Aoki

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,...

• Format: Paperback
• Language: English
• ISBN: 0521637694
• ISBN13: 9780521637695
• Release Date: February 1998
• Publisher: Cambridge University Press
• Length: 308 Pages
• Weight: 0.93 lbs.
• Dimensions: 0.7" x 6.0" x 9.0"