Dynamic General Equilibrium Modelling: Computational Methods and Applications

Book Description

Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. Many mathematical tools are needed to solve these models. The book presents various methods for computing the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. Part II discusses methods for solving heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model. Through an accompanying home page to this book, computer codes to all applications can be downloaded.

Litigation and Settlement in a Game With Incomplete Information: An Experimental Study (Lecture Notes in Economics and Mathematical Systems)

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Litigation and Settlement in a Game With Incomplete Information: An Experimental Study (Lecture Notes in Economics and Mathematical Systems)
Wolfgang Ryll
Manufacturer: Springer
ProductGroup: Book
Binding: Paperback

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Arbitration, Negotiation & Mediation | Procedures & Litigation | Law | Subjects | Books

Civil Procedure | Procedures & Litigation | Law | Subjects | Books

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ASIN: 3540613048

Book Description

The book investigates a two-person game of litigation and settlement with incomplete information on one side. The experimental design allows investigation of how subjects solve the bargaining problem. A prominence level analysis is applied to the data and suggests that subjects tend to choose "round" numbers. It is shown that there exists a correlation between machiavellianism and subjects' adjustment behaviour in the game. The learning behaviour is discussed extensively. Plaintiffs' acceptance limits polarize at the beginning of the second play. A model of learning direction theory applied to explain subjects's behaviour over the course of the game.

Dynamic Nonlinear Econometric Models: Asymptotic Theory

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Dynamic Nonlinear Econometric Models: Asymptotic Theory
Benedikt M. Pötscher , and Ingmar R. Prucha
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

Econometrics | Economics | Business & Investing | Subjects | Books

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ASIN: 3540628576

Book Description

The book provides an extensive discussion of asymptotic theory of M-estimators in the context of dynamic nonlinear models. The class of M-estimators contains least mean distance estimators (including maximum likelihood estimators) and generalized method of moments estimators. In addition to establishing the asymptotic properties of such estimators, the book provides a detailed discussion of the statistical and probabilistic tools necessary for such an analysis. The book also gives a careful treatment of estimators of asymptotic variance covariance matrices for dependent processes.

Artificial Economics: Agent-Based Methods in Finance, Game Theory and Their Applications (Lecture Notes in Economics and Mathematical Systems)

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Artificial Economics: Agent-Based Methods in Finance, Game Theory and Their Applications (Lecture Notes in Economics and Mathematical Systems)

Manufacturer: Springer
ProductGroup: Book
Binding: Paperback

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Handbook of Computational Economics, Volume 2: Agent-Based Computational Economics (Handbook of Computational Economics)
Agent-Based Computational Modelling: Applications in Demography, Social, Economic and Environmental Sciences (Contributions to Economics)
Generative Social Science: Studies in Agent-Based Computational Modeling (Princeton Studies in Complexity)

ASIN: 3540285784

Book Description

Agent-based Computational Economics (ACE) is a new discipline of economics, largely grounded on concepts like evolution, auto-organisation and emergence: it intensively uses computer simulations as well as artificial intelligence, mostly based on multi-agents systems. The purpose of this book is to give an up-to date view of the scientific production in the fields of Agent-based Computational Economics (mainly in Market Finance and Game Theory). Based on communications given at AE'2005 (Lille, USTL, France), this book offers a wide panorama of recent advances in ACE (both theoretical and methodological) that will interest academics as well as practitioners.

Game Theory and Economic Modelling (Clarendon Lectures in Economics)

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A Very Nice Introduction to the Topic
Good Background
A lecture, not a book
Game theory

Game Theory and Economic Modelling (Clarendon Lectures in Economics)
David M. Kreps
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

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Similar Items:

Game Theory for Applied Economists
Games and Information: An Introduction to Game Theory
The Strategy of Conflict
Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life
Game Theory: Analysis of Conflict

ASIN: 0198283814

Book Description

Over the past two decades, academic economics has undergone a mild revolution in methodology. The language, concepts and techniques of noncooperative game theory have become central to the discipline. This book provides the reader with some basic concepts from noncooperative theory, and then goes on to explore the strengths, weaknesses, and future of the theory as a tool of economic modelling and analysis. The central theses are that noncooperative game theory has been a remarkably popular tool in economics over the past decade because it allows analysts to capture essential features of dynamic competition and competition where some parties have proprietary information. The theory is weakest in providing a sense of when it - and equilibrium analysis in particular - can be applied and what to do when equilibrium analysis is inappropriate. Many of these weaknesses can be addressed by the consideration of individuals who are boundedly rational and learn imperfectly from the past. Written in a non-technical style and working by analogy, the book, first given as part of the Clarendon Lectures in Economics, is readily accessible to a broad audience and will be of interest to economists and students alike. Knowledge of game theory is not required as the concepts are developed as the book progresses.

Customer Reviews:

A Very Nice Introduction to the Topic.......2006-03-04

I picked up this book a couple of weeks back in order to broaden my knowledge of Game Theory in the field of economic modeling. Since I was looking for an introduction with brief explanations of topics, a few pointers etc.; I would say, I was very pleased with the content matter as well as with the manner of presentation.

What it is NOT: As have been mentioned by a few reviewers, this work is NOT a detailed text-book in Game Theory, or its varied applications, or Macroeconomic and Microeconomic Modeling. If you're looking for any or all of these, kindly refer to other works.

What it is: Instead, it's a very nice introduction into the world of "non-cooperative game theoretic economic modeling" especially in the context of bargaining between employers and workers, optimizing production function(s) for monopolistic firms, detecting incredible and credible threats etc. The introductions to Normal and Strategic forms of non-cooperative games theoretic representations, the "Folk Theorem", "von Stackelberg" type repetitive games etc are very nicely exemplified.

Kindly bear in mind: As the author mentions at the very beginning, it is not a text book. Anyone starting out on a journey of Game Theory in Macro-economic and Micro-economic modeling would do well, if he/she would read this work and then move on to a more comprehensive text-book. Since this work is not voluminous in size and very easily piled up (both to the author's credit), it's a very nice introduction to the subject.

4th March, 2006

Subhasish Ghosh
St. Cross College, University of Oxford

Good Background.......2006-02-23

The intro suggests that this book is for a casual reader who is looking to understand Game Theory. I agree. I read this book along with the text by the same author and am very pleased that I did. I can understand his textbook much easier after reading the book. I feel like the book is a very interesting read, which never gets too technical. He indicates several points where a textbook would be better, that in this format he is just looking to give an overview. Regardless, I have found that studying game theory is much better having read this book. The topic can be a little overwhelming at first, but with Kreps, it comes out fine in the end.

A lecture, not a book.......2001-01-16

This is an offhand lecture by a professional in the field. It's not a textbook or a monograph - it is a side look at the state of the field. The author explains why game theory was useful in explaining various phenomena, but at the same time gives us hints for why it failed to explain others. You will learn that the abundancy of equilibria and structure in repeated games will enable you to prove almost anything, which is the weakness rather than a strength of this tool. Kreps defines the limits of the field and tells the reader what is yet to be done in game theory - and why.

A good read after a theoretical textbook. It allows you to stop, turn around and ask yourself a few fundamental questions.

Game theory.......2000-06-14

Its alright, I guess. Rasmusen is much better.

Average customer rating:

DO NOT BUY THIS BOOK
Comprehensive and mathematically rigorous

Supermodularity and Complementarity
Donald M. Topkis
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Hardcover

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Similar Items:

Oligopoly Pricing: Old Ideas and New Tools
Contract Theory
Auction Theory
Real Analysis with Economic Applications
Stochastic Models in Operations Research, Vol. II: Stochastic Optimization

ASIN: 0691032440

Book Description

This monograph links complementarity to powerful concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. Don Topkis, who is known for his seminal contributions to this area, here presents a self-contained and up-to-date view of this field, including many new results, to scholars interested in economic theory and its applications as well as to those in related disciplines. The emphasis is on methodology. The book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics. It then applies that theory in the analysis of many diverse economic models formulated as decision problems, noncooperative games, and cooperative games.

Download Description

The economics literature is replete with examples of monotone comparative statics; that is, scenarios where optimal decisions or equilibria in a parameterized collection of models vary monotonically with the parameter. Most of these examples are manifestations of complementarity, with a common explicit or implicit theoretical basis in properties of a super-modular function on a lattice. Supermodular functions yield a characterization for complementarity and extend the notion of complementarity to a general setting that is a natural mathematical context for studying complementarity and monotone comparative statics. Concepts and results related to supermodularity and monotone comparative statics constitute a new and important formal step in the long line of economics literature on complementarity. This monograph links complementarity to powerful concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. Don Topkis, who is known for his seminal contributions to this area, here presents a self-contained and up-to-date view of this field, including many new results, to scholars interested in economic theory and its applications as well as to those in related disciplines. The emphasis is on methodology. The book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics. It then applies that theory in the analysis of many diverse economic models formulated as decision problems, noncooperative games, and cooperative games.

Customer Reviews:

DO NOT BUY THIS BOOK.......2005-05-27

This book will only be useful to you if you already know about lattices and complementarity. It will not be useful to you at all if you are trying to learn about them. Most of the proofs are unclear and often are incorrectly referenced. There are also many questionable steps in the proofs as well as some typos. If you can't find anything better to learn from, I guess you have to buy this book. But avoid it if you can.

Comprehensive and mathematically rigorous.......2000-12-22

Supermodularity and complementarity is an often overlooked area in economics and optimization. Few books devote any time at all to this subject (for a brief and simple coverage of the topic see book by Sundaram "A first course in optimization theory"). Topkis provides a self-contained treatment of this important area of knowledge and gives many new theoretical tools that must be a part of any mathematical programming or game theory course at a graduate level.

Control and Game-Theoretic Models of the Environment (Annals of the International Society of Dynamic Games)

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Control and Game-Theoretic Models of the Environment (Annals of the International Society of Dynamic Games)

Manufacturer: Birkhäuser Boston
ProductGroup: Book
Binding: Hardcover

Theory | Economics | Business & Investing | Subjects | Books

Natural Resources | Economics | Business & Investing | Subjects | Books

History | Business & Culture | Computers & Internet | Subjects | Books

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ASIN: 0817638156

Book Description

Environmental problems and their interrelationships with economics and the dynamics of eco-systems are very complex and cannot be easily resolved with the usual qualitative policy tools. A deeper understanding of these problems requires the combined forces of dynamic analysis, control theory, and properly designed public policies that are set at optimal levels, subject to the satisfaction of many practical constraints.

Without this interaction between science, mathematics, and public policy, it is very likely that economic and natural systems will evolve along divergent, and ultimately unsustainable, development paths. The purpose of this volume is to collect and focus the work of a number of prominent engineers, mathematicians, and economists around the world who have contributed knowledge and ideas aimed at developing an analytical framework for such an interdisciplinary approach to a wide-range of environmental problems.

Book Description

The book studies the core of exchange and production economies in which agents are asymmetrically informed about states of nature. Information is modelled as part of the commodity space. When an agent joins a coalition, his information may change according to an information rule. It is shown that for exchange as well as for production economies - given that the production technology satisfies a regularity condition - the core is non-empty, i.e. even in the case of asymmetric information there exist allocations unblocked by any coalition.

Dynamic Modelling and Control of National Economies 1989

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Dynamic Modelling and Control of National Economies 1989
Scotland) IFAC Symposium on Dynamic Modelling and Control of National Economies (6th : 1989 : Edinburgh
Manufacturer: Pergamon
ProductGroup: Book
Binding: Hardcover

Econometrics | Economics | Business & Investing | Subjects | Books

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General | Business & Investing | Subjects | Books
ASIN: 0080375383

Book Description

The Symposium aimed at analysing and solving the various problems of representation and analysis of decision making in economic systems starting from the level of the individual firm and ending up with the complexities of international policy coordination. The papers are grouped into subject areas such as game theory, control methods, international policy coordination and the applications of artificial intelligence and experts systems as a framework in economic modelling and control. The Symposium therefore provides a wide range of important information for those involved or interested in the planning of company and national economics.

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