Interaction and Market Structure: Essays on Heterogeneity in Economics (Lecture Notes in Economics and Mathematical Systems) (Paperback)

Product Description
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.

Book Info
Reports on new developments in mathematical economics, economic theory, econometrics, operations research, and mathematical systems. Includes: research monographs, seminars on topics of research, and more. Softcover. DLC: Economics--Mathematical models.

First Sentence:
This volume contains a set of papers which pursue the aim of examining how the properties of aggregate economic variables are influenced by the actions and interactions of individuals. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
wave train distribution, depleted coalition, average population utility, cobweb economy, markov expectations, stored bid, market share attraction models, real fish market, urn function, deviating firms, deterministic economy, innovation noise, imitative rule, average wave length, mediated trade, homogeneous firms, correlation devices, chaotic saddle, trading pool, urn process, average capital stock, market equilibrium equations, halting condition, cobweb model, repelling cycles Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Journal of Economic Theory, Journal of Political Economy, American Economic Review, Classifier System, Quarterly Journal of Economics, Santa Fe Institute, Delli Gatti, Journal of Economic Behavior, New Keynesian, Physical Review, Journal of Economic Perspectives, Management Science, Ricerche Economiche, Economic Journal, Complex Economic Dynamics, Italy Abstract, North Holland, Oxford University Press New!
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