Interaction and Market Structure

Interaction and Market Structure
Author: Domenico Delli Gatti
Publisher: Springer Science & Business Media
Total Pages: 302
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3642570054

This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.

Essays in Nonlinear Economic Dynamics

Essays in Nonlinear Economic Dynamics
Author: Richard Murphey Goodwin
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Total Pages: 320
Release: 1989
Genre: Business & Economics
ISBN:

Since the publication of Keynes' General Theory there has been a steady increase in interest in dynamics. With it has only recently come the realization that linear dynamics are very restrictive. This book is a collection of essays on nonlinear economic dynamics, mostly written very recently. They attempt to combine in one integral whole the analysis of cycles and growth, neither of which ever exists in the absence of the other. The essays cover cyclical and unsteady growth, multisectoral models, discrete time and irregularity, Schumpeter's vision and personal statements.

Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels

Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels
Author: Carl Chiarella
Publisher: Emerald Group Publishing
Total Pages: 563
Release: 2006-05-30
Genre: Business & Economics
ISBN: 0444521224

This book represents an ongoing research agenda the aim of which is to contribute to the Keynesian paradigm in macroeconomics. It examines the Dynamic General Equilibrium (DGE) model, the assumption of intertemporal optimizing behavior of economic agents, competitive markets and price mediated market clearing through flexible wages and prices.

The Complex Networks of Economic Interactions

The Complex Networks of Economic Interactions
Author: Akira Namatame
Publisher: Springer Science & Business Media
Total Pages: 345
Release: 2006-03-09
Genre: Business & Economics
ISBN: 3540287272

Understanding the mechanism of a socio-economic system requires more than an understanding of the individuals that comprise the system. It also requires understanding how individuals interact with each other, and how the agg- gated outcome can be more than the sum of individual behaviors. This book contains the papers fostering the formation of an active multi-disciplinary community on socio-economic systems with the exciting new ?elds of age- based modeling and econophysics. We especially intend to increase the awareness of researchers in many ?elds with sharing the common view many economic and social activities as collectives of a large-scale heterogeneous and interacting agents. Economists seek to understand not only how individuals behave but also how the interaction of many individuals leads to complex outcomes. Age- based modeling is a method for studying socio-economic systems exhibiting the following two properties: (1) the system is composed of interacting agents, and (2) the system exhibits emergent properties, that is, properties arising from the interactions of the agents that cannot be deduced simply by agg- gating the properties of the system’s components. When the interaction of the agents is contingent on past experience, and especially when the agents continually adapt to that experience, mathematical analysis is typically very limited in its ability to derive the outcome.

The Complex Dynamics of Economic Interaction

The Complex Dynamics of Economic Interaction
Author: Mauro Gallegati
Publisher: Springer Science & Business Media
Total Pages: 404
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3642170455

The economy is examined by the authors as a complex interactive system. The emphasis is on the direct interaction between agents rather than on the indirect and autonomous interaction through the market mechanism. Contributions from economists and physicists emphasise the consequences for aggregate behaviour of the interaction between agents with limited rationality. Models of financial markets which exhibit many of the stylised facts of empirical markets such as bubbles, herd behaviour and long memory are presented. This includes contributions on bargaining, buyer-seller relations, the evolution of economic networks and several aspects of macro-economic behaviour. This book will be of interest to all those interested in the foundations of collective social and economic behaviour and in particular, to those concerned with the dynamics of market behaviour and recent applications of physics to economics.