Modeling Aggregate Behavior and Fluctuations in Economics: Stochastic Views of Interacting Agentsby Masanao Aoki
Pub. Date: 09/28/2004
Publisher: Cambridge University Press
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.
- Cambridge University Press
- Publication date:
- Edition description:
- New Edition
- Product dimensions:
- 5.98(w) x 8.98(h) x 0.71(d)
Table of Contents1. 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.
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