Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27472
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dc.contributor.authorDi Guilmi, Corradoen_US
dc.contributor.authorGallegati, Mauroen_US
dc.contributor.authorLandini, Simoneen_US
dc.date.accessioned2009-08-12T07:14:51Z-
dc.date.available2009-08-12T07:14:51Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27472-
dc.description.abstractThe representation of the economic system, from a complexity perspective, focuses on interactions among heterogeneous agents in conditions of uncertainty. Heterogeneity entails asymmetric reactions to shocks and, through interaction mechanisms and feedback loops at micro, macro and meso level, these diverse reactions influence behaviours of other agents. Such a system cannot be modelled with mainstream economics' tools. In this work we propose a stochastic dynamic model with heterogeneous firms. Their responses to stochastic shocks, in order to maximize profit, modifies their financial ratios, determining in this way the evolution of the system. The model is analytically solved by means of maximum entropy maximization and master equation's solution techniques (Aoki and Yoshikawa, 2006).en_US
dc.language.isoengen_US
dc.publisher|aKiel Institute for the World Economy (IfW) |cKiel-
dc.relation.ispartofseries|aEconomics Discussion Papers / Institut für Weltwirtschaft |x2008-36en_US
dc.subject.jelE6en_US
dc.subject.jelE1en_US
dc.subject.ddc330en_US
dc.subject.keywordBusiness cyclesen_US
dc.subject.keywordheterogeneityen_US
dc.subject.keywordfinancial fragilityen_US
dc.subject.keywordstochastic aggregationen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwMakroökonomiken_US
dc.subject.stwAgent-based Modelen_US
dc.subject.stwFinanzierungen_US
dc.subject.stwStochastischer Prozessen_US
dc.subject.stwEntropieen_US
dc.subject.stwGleichgewichten_US
dc.subject.stwTheorieen_US
dc.subject.stwMaster equationen_US
dc.titleModeling Maximum Entropy and Mean-Field Interaction in Macroeconomicsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587688556en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:7453-

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