Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27472 
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dc.contributor.authorDi Guilmi, Corradoen
dc.contributor.authorGallegati, Mauroen
dc.contributor.authorLandini, Simoneen
dc.date.accessioned2009-08-12T07:14:51Z-
dc.date.available2009-08-12T07:14:51Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aEconomics Discussion Papers |x2008-36en
dc.subject.jelE6en
dc.subject.jelE1en
dc.subject.ddc330en
dc.subject.keywordBusiness cyclesen
dc.subject.keywordheterogeneityen
dc.subject.keywordfinancial fragilityen
dc.subject.keywordstochastic aggregationen
dc.subject.stwKonjunkturtheorieen
dc.subject.stwMakroökonomiken
dc.subject.stwAgent-based Modelen
dc.subject.stwFinanzierungen
dc.subject.stwStochastischer Prozessen
dc.subject.stwEntropieen
dc.subject.stwGleichgewichten
dc.subject.stwTheorieen
dc.subject.stwMaster equationen
dc.titleModeling Maximum Entropy and Mean-Field Interaction in Macroeconomics-
dc.typeWorking Paperen
dc.identifier.ppn587688556en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifwedp:7453en

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