New Approaches to Macroeconomic Modeling : Evolutionary Stochastic Dynamics, ...

New Approaches to Macroeconomic Modeling : Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities As Field Effects, Paperback by Aoki, Masanao, ISBN 0521637694, ISBN-13 9780521637695, Brand New, Free shipping in the US 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, . 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.

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