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Description

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.

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Product Details

  • Feb 13, 1998 Pub Date:
  • 9780521637695 ISBN-13:
  • 0521637694 ISBN-10:
  • 308.0 pages Paperback
  • English Language