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This book analyses decision-making in dynamic economic
environments. By applying a wide range of methodological
approaches, combining both analytical and computational methods,
the contributors examine various aspects of optimal firm behaviour
and relevant policy areas. Topics covered include optimal control,
dynamic games, economic decision-making, and applications in
finance and economics, as well as policy implications in areas such
as pollution regulation. This book is dedicated to Christophe
Deissenberg, a well-known and distinguished scholar of economic
dynamics and computational economics. It appeals to academics in
the areas of optimal control, dynamic games and computational
economics as well as to decision-makers working in policy domains
such as environmental policy.
This book analyses decision-making in dynamic economic
environments. By applying a wide range of methodological
approaches, combining both analytical and computational methods,
the contributors examine various aspects of optimal firm behaviour
and relevant policy areas. Topics covered include optimal control,
dynamic games, economic decision-making, and applications in
finance and economics, as well as policy implications in areas such
as pollution regulation. This book is dedicated to Christophe
Deissenberg, a well-known and distinguished scholar of economic
dynamics and computational economics. It appeals to academics in
the areas of optimal control, dynamic games and computational
economics as well as to decision-makers working in policy domains
such as environmental policy.
This volume collects research papers addressing topical issues in
economics and management with a particular focus on dynamic models
which allow to analyze and foster the decision making of firms in
dynamic complex environments. The scope of the contributions ranges
from daily operational challenges firms face to strategic choices
in dynamic industry environments and the analysis of optimal growth
paths. The volume also highlights recent methodological
developments in the areas of dynamic optimization, dynamic games
and meta-heuristics, which help to improve our understanding of
(optimal) decision making in a fast evolving economy.
This volume collects research papers addressing topical issues in
economics and management with a particular focus on dynamic models
which allow to analyze and foster the decision making of firms in
dynamic complex environments. The scope of the contributions ranges
from daily operational challenges firms face to strategic choices
in dynamic industry environments and the analysis of optimal growth
paths. The volume also highlights recent methodological
developments in the areas of dynamic optimization, dynamic games
and meta-heuristics, which help to improve our understanding of
(optimal) decision making in a fast evolving economy.
This volume is centered around the issue of market design and
resulting market dynamics. The economic crisis of 2007-2009 has
once again highlighted the importance of a proper design of market
protocols and institutional details for economic dynamics and
macroeconomics. Papers in this volume capture institutional details
of particular markets, behavioral details of agents' decision
making as well as spillovers between markets and effects to the
macroeconomy. Computational methods are used to replicate and
understand market dynamics emerging from interaction of
heterogeneous agents, and to develop models that have predictive
power for complex market dynamics. Finally treatments of
overlapping generations models and differential games with
heterogeneous actors are provided.
The fact that I have the opportunity to present a second edition of
this monograph is an indicator for the growing size of the
community concerned with agent-based computational economics. The
rapid developments in this field make it very difficult to keep a
volume like this, which is partly devoted to surveying the
literature, up to date. I have done my best to incorporate the
relevant new developments in this revised edition but it is in the
nature of such a work that the selection of material covered is
biased by the authors personal interest and his informational
constraints. My apologies go to all researchers in this field whose
work is not or not adequately represented in this book. Besides the
correction of some errors and typos several additions have been
made. In the literature survey sections 2.4 (which was also
reorganized) and 3.5 new material was added. I have also added a
new section in chapter 3 which deals with the question how well
empirically observed phenomena can be explained by GA simulations.
A new section in chapter 6 presents a rather extensive analysis of
the behavior of a two population GA in the framework of a sealed
bid double auction market. Further minor additions and changes were
made throughout the text.
This volume is centered around the issue of market design and
resulting market dynamics. The economic crisis of 2007-2009 has
once again highlighted the importance of a proper design of market
protocols and institutional details for economic dynamics and
macroeconomics. Papers in this volume capture institutional details
of particular markets, behavioral details of agents' decision
making as well as spillovers between markets and effects to the
macroeconomy. Computational methods are used to replicate and
understand market dynamics emerging from interaction of
heterogeneous agents, and to develop models that have predictive
power for complex market dynamics. Finally treatments of
overlapping generations models and differential games with
heterogeneous actors are provided.
This book deals with the learning behavior of boundedly rational agents in economic systems. In particular, the modeling of learning populations by genetic algorithms is studied in detail. After an extensive review and discussion of the existing literature in the first part, a mathematical analysis of the dynamic properties of genetic algorithm learning in the general framework of systems with a state dependent fitness function is provided. It is shown that co-evolutionary economic models typically fall into this class and the usefulness of the analytical results derived is illustrated in several game theoretic and microeconomic models. The mathematical analysis is complemented by extensive simulation analyses. The last part of the book demonstrates how the obtained theory may be used to design the algorithm such that the learning of equilibria of the economic system is facilitated.
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