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

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ISBN-10: 0521606195

ISBN-13: 9780521606196

Edition: 2004

Authors: Masanao Aoki

List price: $46.99
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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.
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Book details

List price: $46.99
Copyright year: 2004
Publisher: Cambridge University Press
Publication date: 9/9/2004
Binding: Paperback
Pages: 280
Size: 5.98" wide x 9.02" long x 0.59" tall
Weight: 0.836
Language: English

Setting up dynamic models
The master equation
Introductory simple and simplified models
Aggregate dynamics and fluctuations of simple models
Evaluation of alternatives
Solving non-stationary master equations
Growth and business cycle models
Example: a new look at the diamond search model
Interaction patterns of agents and distributions of cluster sizes
Example: share markets with two dominant types of participants in a market