The Economy As an Evolving Complex System, III: Current Perspectives and Future DirectionsLawrence E. Blume, Steven N. Durlauf Oxford University Press, 2005 M10 20 - 392 páginas Derived from the 2001 Santa Fe Institute Conference, "The Economy as an Evolving Complex System III," represents scholarship from the leading figures in th area of economics and complexity. The subject, a perennial centerpiece of the SFI program of studies has gained a wide range of followers for its methods of employing empirical evidence in the development of analytical economic theories. Accordingly, the chapters in this volume addresses a wide variety of issues in the fields of economics and complexity, accessing eclectic techniques from many disciplines, provided that they shed light on the economic problem. Dedicated to Kenneth Arrow on his 80th birthday, this volume honors his many contributions to the Institute. SFI-style economics is regarded as having had an important impact in introducing a new approach to economic analysis. |
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Página 10
... define Mt as the operator that yields the population - mean value of inflation expectations at time t and denote the newspaper forecast printed in quarter t for inflation in quarter s > t as Nts ] , by analogy with equation ( 2 ) we ...
... define Mt as the operator that yields the population - mean value of inflation expectations at time t and denote the newspaper forecast printed in quarter t for inflation in quarter s > t as Nts ] , by analogy with equation ( 2 ) we ...
Página 12
... defined by eqs . ( 6 ) - ( 7 ) . When the transitory shock is allowed to have effects that last for two quarters rather than one , it is not possible to reject a random walk in the fundamental component even at the 10 percent level of ...
... defined by eqs . ( 6 ) - ( 7 ) . When the transitory shock is allowed to have effects that last for two quarters rather than one , it is not possible to reject a random walk in the fundamental component even at the 10 percent level of ...
Página 13
... Define πs , t as the inflation rate between periods s and t , converted to an annual rate . Thus , for example , in quarterly data we can define the inflation rate for quarter t + 1 at an annual rate as Tt , t + 14 ( log Pt + 1 - log Pt ) ...
... Define πs , t as the inflation rate between periods s and t , converted to an annual rate . Thus , for example , in quarterly data we can define the inflation rate for quarter t + 1 at an annual rate as Tt , t + 14 ( log Pt + 1 - log Pt ) ...
Página 14
... of inflation expectations Mt [ Tt , t + 4 ] is equal to a constant , ao . By definition the R2 is equal to zero ; the standard error of the estimate is 0.88 . The last column 14 The Epidemiology of Macroeconomic Expectations.
... of inflation expectations Mt [ Tt , t + 4 ] is equal to a constant , ao . By definition the R2 is equal to zero ; the standard error of the estimate is 0.88 . The last column 14 The Epidemiology of Macroeconomic Expectations.
Página 34
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Contenido
1 | |
5 | |
31 | |
Rationality and Selection in Asset Markets | 49 |
Statistical Physics and Economic Fluctuations | 67 |
Market Efficiency the Pareto Wealth Distribution and the Lévy Distribution of Stock Returns | 101 |
A Random Order Placement Model of Price Formation in the Continuous Double Auction | 133 |
Multinomial Choice with Social Interactions | 175 |
Heterogeneity and Uniqueness in Interaction Games | 207 |
Perspectives on the Economy as an Evolving Complex System | 243 |
The Diffusion of Innovations in Social Networks | 267 |
Dynamic Properties of Local Interaction Models | 283 |
The View from Economic History | 309 |
Prosocial Emotions | 339 |
Index | 367 |
Otras ediciones - Ver todas
The Economy As an Evolving Complex System, III: Current Perspectives and ... Lawrence E. Blume,Steven N. Durlauf Vista previa limitada - 2006 |
The Economy As an Evolving Complex System, III: Current Perspectives and ... Lawrence E. Blume,Steven N. Durlauf Vista previa limitada - 2006 |
The Economy as an Evolving Complex System III Lawrence Blume,Steven N. Durlauf Vista de fragmentos - 2006 |
Términos y frases comunes
agents analysis analyze assume assumption asymptotic average behavior beliefs Blume Brock and Durlauf chooses action condition consumption contribution correlation decisionmakers defined denote density depend depth profile diffusion dimensional analysis dynamics Econ economic effects empirical epistemic base equation equilibrium estimate evolutionary Evolving Complex System example exponent figure fluctuations forecast given global games H. E. Stanley heterogeneity identified implies individual inflation expectations inflation rate innovation investment investors knowledge Lévy distribution limit order male market order match multinomial logit Nash equilibrium neighborhood nondimensional norms order placement outcome parameters Pareto distribution Pareto wealth distribution payoff player Plerou population power law problem propositional knowledge public goods game punishment random rational expectations Santa Fe Institute scale shame simulations social interactions standard deviation statistical stochastic strategy subjective expected utility technique Theorem theory tick tion unemployment uniqueness utility function volatility zero