The following text field will produce suggestions that follow it as you type.

Loading Inventory...

Barnes and Noble

Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes

Current price: $53.99
Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes
Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes

Barnes and Noble

Reconstructing Macroeconomics: A Perspective from Statistical Physics and Combinatorial Stochastic Processes

Current price: $53.99
Loading Inventory...

Size: OS

Visit retailer's website
*Product Information may vary - to confirm product availability, pricing, and additional information please contact Barnes and Noble
The authors treat macroeconomic models as composed of large numbers of micro-units or agents of several types and explicitly discuss stochastic dynamic and combinatorial aspects of interactions among them. In mainstream macroeconomics sound microfoundations for macroeconomics have meant incorporating sophisticated intertemporal optimization by representative agents into models. Optimal growth theory, once meant to be normative, is now taught as a descriptive theory in mainstream macroeconomic courses. In neoclassical equilibria flexible prices led the economy to the state of full employment and marginal productivities are all equated. Professors Aoki and Yoshikawa contrariwise show that such equilibria are not possible in economies with a large number of agents of heterogeneous types. They employ a set of statistical dynamical tools via continuous-time Markov chains and statistical distributions of fractions of agents by types available in the new literature of combinatorial stochastic processes, to reconstruct macroeconomic models.

More About Barnes and Noble at MarketFair Shoppes

Barnes & Noble does business -- big business -- by the book. As the #1 bookseller in the US, it operates about 720 Barnes & Noble superstores (selling books, music, movies, and gifts) throughout all 50 US states and Washington, DC. The stores are typically 10,000 to 60,000 sq. ft. and stock between 60,000 and 200,000 book titles. Many of its locations contain Starbucks cafes, as well as music departments that carry more than 30,000 titles.

Powered by Adeptmind