Jan Tuinstra

(Author)

Price Dynamics in Equilibrium Models: The Search for Equilibrium and the Emergence of Endogenous Fluctuations (Softcover Reprint of the Original 1st 2Paperback - Softcover Reprint of the Original 1st 2001, 5 November 2012

Price Dynamics in Equilibrium Models: The Search for Equilibrium and the Emergence of Endogenous Fluctuations (Softcover Reprint of the Original 1st 2
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Part of Series
Advances in Computational Economics
Print Length
232 pages
Language
English
Publisher
Springer
Date Published
5 Nov 2012
ISBN-10
1461356652
ISBN-13
9781461356653

Description

A long-standing unsolved problem in economic theory is how economic equilibria are attained. Price Dynamics in Equilibrium Models: The Search for Equilibrium and the Emergence of Endogenous Fluctuations considers a number of adjustment processes in different economic models and investigates their dynamical behaviour. Two important themes arising in this context are `bounded rationality' and `nonlinear dynamics'.
Important sub-themes of the book are the following: how do boundedly rational agents interact with their environment and does this interaction in some sense lead to rational outcomes (which may or may not correspond to equilibria)? The second sub-theme deals with the consequences of the nonlinear dynamical nature of many adjustment processes. The results presented in this volume indicate that endogenous fluctuations are the rule rather than the exception in the search for equilibrium.
The book uses the theory of nonlinear dynamics to analyze the dynamics of the different economic models. Due to the complexity of most of the models, an important role is played by computational methods. In particular, at regular instances the models are analyzed by numerical simulations and some computer-assisted proofs are provided. It also covers a wide range of dynamical models from economic theory. Most of these models merge the theory of nonlinear economic dynamics with the theory of bounded rationality. The book is written for anyone with an interest in economic theory in general and bounded rationality and endogenous fluctuations in particular. It is entirely self-contained and accessible to readers with only a limited knowledge of economic theory.

Product Details

Author:
Jan Tuinstra
Book Edition:
Softcover Reprint of the Original 1st 2001
Book Format:
Paperback
Country of Origin:
NL
Date Published:
5 November 2012
Dimensions:
23.39 x 15.6 x 1.35 cm
ISBN-10:
1461356652
ISBN-13:
9781461356653
Language:
English
Location:
New York, NY
Pages:
232
Publisher:
Weight:
358.34 gm

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