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Mathematical Dynamics Of Economic Markets
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Book Synopsis Mathematical Dynamics of Economic Markets by : Alexei Krouglov
Download or read book Mathematical Dynamics of Economic Markets written by Alexei Krouglov and published by Nova Publishers. This book was released on 2006 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new book the author, Alexi Krouglov, examines real business cycles, financial markets, and economic growth with various mathematical models. Real business cycles are examined with three different models: one product and one supplier, one product and two suppliers, and n-products with n-suppliers. Financial markets are examined with more complex models because more complex topics, such as inflation and the stock market, are involved. Economic growth is examined through mathematical models that are specifically concerned with trade and arbitrage.
Book Synopsis Mathematical Models of Economic Growth and Crises by : Alexei Krouglov
Download or read book Mathematical Models of Economic Growth and Crises written by Alexei Krouglov and published by Nova Science Publishers. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main goal of this book is to present coherent mathematical models to describe an economic growth and related economic issues. The book is a continuation of the authors previous book Mathematical Dynamics of Economic Markets (9781594545283), which presented mathematical models of economic forces acting on the markets. In his previous book, the author described a system of ordinary differential equations, which connected together economic forces behind the products demand, supply and prices on the market. The author focuses on a specific aspect of how to modify the said system of ordinary differential equations, in order to describe the phenomenon of economic growth. In order to achieve clarity, the author restricted himself to economic processes arising on the markets of a single-product economy. Economic growth is presented as a result of savings and investment occurring on the markets. The markets participants withdraw part of the product from markets in the form of savings and use the withdrawn product in production in the form of an investment. The withdrawal drives the products supply on the market down while at the same time driving the products price up, which in turn drives the products demand down. When an impact of the products price increase exceeds an impact of the products demand decrease, economic growth occurs. Contrarily, one observes an economic decline in the opposite situation. The author looks into various aspects that savings and investment exert on the market. He in particular discusses the models that examine an economic growth in situations when savings and investment were done in the form of a one-time withdrawal of the product, constant-rate withdrawal of product, constant-accelerated withdrawal of product, and exponential withdrawal of product from the market. The author further examines an impact of four economic concepts on economic growth -- demand, supply, investment, and debt. He presents mathematical models exploring interconnections among these concepts and studies their mutual impacts on both economic growth and decline. He builds a mathematical model in order to verify a hypothesis that weak recovery after the financial crisis could be attributed to the decline of investments that were not compensated by the decrease of an interest rate. The author also looks into the phenomenon of economic crises and builds a few mathematical models. The models of four economic crises are considered. The first model concerns the last financial crisis where an author tried to explain how relatively small disturbances on financial markets had produced a large impact on the real economy. His conclusion is that fluctuations on connected markets amplify each other, which is known as the resonance phenomenon. The second model relates to the monetary part of Japanese economic policy known as Abenomics, where the price of Japanese bonds decreases and the yield increases. The author builds a mathematical model to investigate this phenomenon. The third model is about a secular stagnation hypothesis advanced by Lawrence Summers. The author complements his model of economic growth with the external supply of product to the market. He found that external supply provided with either constant rate or constant acceleration can cause a restricted or unrestricted economic decline, respectively. The fourth model is a model describing the four stages of the Greek economic crisis (before the Eurozone, before the Euro crisis, after the Euro crisis, and during the austerity period) and two potential recovery stages (with austere and benign economic transformations).
Book Synopsis Complex Economic Dynamics by : Richard H. Day
Download or read book Complex Economic Dynamics written by Richard H. Day and published by . This book was released on 2000-02 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: V. 1. An introduction to dynamical systems and market mechanisms -- v. 2. An introduction to macroeconomics dynamics.
Book Synopsis Mathematical Theory of Economic Dynamics and Equilibria by : V.L. Makarov
Download or read book Mathematical Theory of Economic Dynamics and Equilibria written by V.L. Makarov and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to the mathematical analysis of models of economic dynamics and equilibria. These models form an important part of mathemati cal economics. Models of economic dynamics describe the motion of an economy through time. The basic concept in the study of these models is that of a trajectory, i.e., a sequence of elements of the phase space that describe admissible (possible) development of the economy. From all trajectories, we select those that are" desirable," i.e., optimal in terms of a certain criterion. The apparatus of point-set maps is the appropriate tool for the analysis of these models. The topological aspects of these maps (particularly, the Kakutani fixed-point theorem) are used to study equilibrium models as well as n-person games. To study dynamic models we use a special class of maps which, in this book, are called superlinear maps. The theory of superlinear point-set maps is, obviously, of interest in its own right. This theory is described in the first chapter. Chapters 2-4 are devoted to models of economic dynamics and present a detailed study of the properties of optimal trajectories. These properties are described in terms of theorems on characteristics (on the existence of dual prices) and turnpike theorems (theorems on asymptotic trajectories). In Chapter 5, we state and study a model of economic equilibrium. The basic idea is to establish a theorem about the existence of an equilibrium state for the Arrow-Debreu model and a certain generalization of it.
Book Synopsis Nonlinear Dynamics in Economics by : Bärbel Finkenstädt
Download or read book Nonlinear Dynamics in Economics written by Bärbel Finkenstädt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. 1 Introduction In economics, one often observes time series that exhibit different patterns of qualitative behavior, both regular and irregular, symmetric and asymmetric. There exist two different perspectives to explain this kind of behavior within the framework of a dynamical model. The traditional belief is that the time evolution of the series can be explained by a linear dynamic model that is exogenously disturbed by a stochastic process. In that case, the observed irregular behavior is explained by the influence of external random shocks which do not necessarily have an economic reason. A more recent theory has evolved in economics that attributes the patterns of change in economic time series to an underlying nonlinear structure, which means that fluctua tions can as well be caused endogenously by the influence of market forces, preference relations, or technological progress. One of the main reasons why nonlinear dynamic models are so interesting to economists is that they are able to produce a great variety of possible dynamic outcomes - from regular predictable behavior to the most complex irregular behavior - rich enough to meet the economists' objectives of modeling. The traditional linear models can only capture a limited number of possi ble dynamic phenomena, which are basically convergence to an equilibrium point, steady oscillations, and unbounded divergence. In any case, for a lin ear system one can write down exactly the solutions to a set of differential or difference equations and classify them.
Book Synopsis Dynamics of Markets by : Joseph L. McCauley
Download or read book Dynamics of Markets written by Joseph L. McCauley and published by Cambridge University Press. This book was released on 2009-09-03 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition presents the advances made in finance market analysis since 2005. The book provides a careful introduction to stochastic methods along with approximate ensembles for a single, historic time series. The new edition explains the history leading up to the biggest economic disaster of the 21st century. Empirical evidence for finance market instability under deregulation is given, together with a history of the explosion of the US Dollar worldwide. A model shows how bounds set by a central bank stabilized FX in the gold standard era, illustrating the effect of regulations. The book presents economic and finance theory thoroughly and critically, including rational expectations, cointegration and arch/garch methods, and replaces several of those misconceptions by empirically based ideas. This book will be of interest to finance theorists, traders, economists, physicists and engineers, and leads the reader to the frontier of research in time series analysis.
Book Synopsis Computational Methods in Economic Dynamics by : Herbert Dawid
Download or read book Computational Methods in Economic Dynamics written by Herbert Dawid and published by Springer. This book was released on 2013-04-21 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Mathematical Methods and Models in Economic Dynamics by : Giancarlo Gandolfo
Download or read book Mathematical Methods and Models in Economic Dynamics written by Giancarlo Gandolfo and published by North-Holland. This book was released on 1972 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook on mathematics methodology and economic models commonly used in economic dynamics (economic analysis) - comprises two sections on the techniques of difference and differential equations. Bibliography pp. 489 to 498.
Book Synopsis Mathematical Modeling of Collective Behavior in Socio-Economic and Life Sciences by : Giovanni Naldi
Download or read book Mathematical Modeling of Collective Behavior in Socio-Economic and Life Sciences written by Giovanni Naldi and published by Springer Science & Business Media. This book was released on 2010-08-12 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using examples from finance and modern warfare to the flocking of birds and the swarming of bacteria, the collected research in this volume demonstrates the common methodological approaches and tools for modeling and simulating collective behavior. The topics presented point toward new and challenging frontiers of applied mathematics, making the volume a useful reference text for applied mathematicians, physicists, biologists, and economists involved in the modeling of socio-economic systems.
Book Synopsis Equilibrium, Markets and Dynamics by : Cars H. Hommes
Download or read book Equilibrium, Markets and Dynamics written by Cars H. Hommes and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains essays in honour of Claus Weddepohl who, after 22 years, is retiring as professor of mathematical economics at the Department of Quantitative Economics of the University of Amsterdam. Claus Weddepohl may be viewed as th~ first Dutch mathematical economist in the general equi librium tradition of Arrow, Debreu and Hahn. The essays in this book are centered around the themes Equilibrium, Markets and Dynamics, that have been at the heart of Weddepohl's work on mathematical economics for more than three decades. The essays have been classified according to these three themes. Admittedly such a classification always is somewhat arbitrary, and most essays would in fact fit into two or even all three themes. The essays have been written by international as well as Dutch friends and colleagues including Weddepohl's former Ph. D. students. The book starts with a review of Claus Weddepohl's work by Roald Ramer, who has been working with him in Amsterdam for all those years. The review describes how Weddepohl became fascinated by general equilibrium theory in the early stages of his career, how he has been working on the theory of markets throughout his career, and how he turned to applications of nonlinear dynamics to price adjustment processes in a later stage of his career. The first part of the book, Equilibrium, collects essays with general equilib rium theory as the main theme.
Download or read book Economic Dynamics written by Ronald Shone and published by Cambridge University Press. This book was released on 2002-11-28 with total page 730 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the substantially revised and restructured second edition of Ron Shone's successful advanced textbook Economic Dynamics. The book provides detailed coverage of dynamics and phase diagrams, including: quantitative and qualitative dynamic systems, continuous and discrete dynamics, linear and non-linear systems and single equation and systems of equations. It illustrates dynamic systems using Mathematica, Maple V and spreadsheets. It provides a thorough introduction to phase diagrams and their economic application and explains the nature of saddle path solutions. The second edition contains a new chapter on oligopoly and an extended treatment of stability of discrete dynamic systems and the solving of first-order difference equations. Detailed routines on the use of Mathematica and Maple are now contained in the body of the text, which now includes advice on the use of Excel and additional examples and exercises throughout. Supporting website contains solutions manual and learning tools.
Book Synopsis Recursive Models of Dynamic Linear Economies by : Lars Peter Hansen
Download or read book Recursive Models of Dynamic Linear Economies written by Lars Peter Hansen and published by Princeton University Press. This book was released on 2018-07-10 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the economic modeling of household preferences, from two leaders in the field A common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In Recursive Models of Dynamic Linear Economies, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing. The models are cast in terms of a representative consumer. While Hansen and Sargent demonstrate the analytical benefits acquired when an analysis with a representative consumer is possible, they also characterize the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis. Hansen and Sargent unite economic theory with a workable econometrics while going beyond and beneath demand and supply curves for dynamic economies. They construct and apply competitive equilibria for a class of linear-quadratic-Gaussian dynamic economies with complete markets. Their book, based on the 2012 Gorman lectures, stresses heterogeneity, aggregation, and how a common structure unites what superficially appear to be diverse applications. An appendix describes MATLAB programs that apply to the book's calculations.
Book Synopsis Economic Dynamics and General Equilibrium by : Anders Borglin
Download or read book Economic Dynamics and General Equilibrium written by Anders Borglin and published by Springer Science & Business Media. This book was released on 2004-01-22 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: The developments of economic theory in the 1950s served to pinpoint important underlying assumptions in the study of market institutions. The conflict between observed institutions and the benchmark interpretation became apparent. This led to the introduction of new equilibrium concepts. The emphasis was on the possibilities to transfer purchasing power over time using spot markets involving assets or money. This advanced textbook focuses on the developments in the theory of incomplete markets and overlapping generations economies where income transfers over time are restricted either by available assets or by the unfeasibility of contracts with unborn generations. It bridges the gap between standard textbooks on microeconomics and more advanced expositions. Contains diagrams, examples and exercises.
Book Synopsis Mathematical Methods in Dynamic Economics by : A. Simonovits
Download or read book Mathematical Methods in Dynamic Economics written by A. Simonovits and published by Springer. This book was released on 2000-06-05 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains a concise description of important mathematical methods of dynamics and suitable economic models. It covers discrete as well as continuous-time systems, linear and nonlinear models. Mixing traditional and modern materials, the study covers dynamics with and without optimization, naive and rational expectations, respectively. In addition to standard models of growth and cycles, the book also contains original studies on control of a multisector economy and expectations-driven multicohort economy. Numerous examples, problems (with solutions) and figures complete the book.
Book Synopsis Introduction to the Economics and Mathematics of Financial Markets by : Jaksa Cvitanic
Download or read book Introduction to the Economics and Mathematics of Financial Markets written by Jaksa Cvitanic and published by MIT Press. This book was released on 2004-02-27 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative textbook for use in advanced undergraduate and graduate courses; accessible to students in financial mathematics, financial engineering and economics. Introduction to the Economics and Mathematics of Financial Markets fills the longstanding need for an accessible yet serious textbook treatment of financial economics. The book provides a rigorous overview of the subject, while its flexible presentation makes it suitable for use with different levels of undergraduate and graduate students. Each chapter presents mathematical models of financial problems at three different degrees of sophistication: single-period, multi-period, and continuous-time. The single-period and multi-period models require only basic calculus and an introductory probability/statistics course, while an advanced undergraduate course in probability is helpful in understanding the continuous-time models. In this way, the material is given complete coverage at different levels; the less advanced student can stop before the more sophisticated mathematics and still be able to grasp the general principles of financial economics. The book is divided into three parts. The first part provides an introduction to basic securities and financial market organization, the concept of interest rates, the main mathematical models, and quantitative ways to measure risks and rewards. The second part treats option pricing and hedging; here and throughout the book, the authors emphasize the Martingale or probabilistic approach. Finally, the third part examines equilibrium models—a subject often neglected by other texts in financial mathematics, but included here because of the qualitative insight it offers into the behavior of market participants and pricing.
Book Synopsis Economic Dynamics, second edition by : John Stachurski
Download or read book Economic Dynamics, second edition written by John Stachurski and published by MIT Press. This book was released on 2022-08-16 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of a rigorous and example-driven introduction to topics in economic dynamics that emphasizes techniques for modeling dynamic systems. This text provides an introduction to the modern theory of economic dynamics, with emphasis on mathematical and computational techniques for modeling dynamic systems. Written to be both rigorous and engaging, the book shows how sound understanding of the underlying theory leads to effective algorithms for solving real-world problems. The material makes extensive use of programming examples to illustrate ideas, bringing to life the abstract concepts in the text. Key topics include algorithms and scientific computing, simulation, Markov models, and dynamic programming. Part I introduces fundamentals and part II covers more advanced material. This second edition has been thoroughly updated, drawing on recent research in the field. New for the second edition: “Programming-language agnostic” presentation using pseudocode. New chapter 1 covering conceptual issues concerning Markov chains such as ergodicity and stability. New focus in chapter 2 on algorithms and techniques for program design and high-performance computing. New focus on household problems rather than optimal growth in material on dynamic programming. Solutions to many exercises, code, and other resources available on a supplementary website.
Book Synopsis Introduction to Dynamic Economic Models by : Brian S. Ferguson
Download or read book Introduction to Dynamic Economic Models written by Brian S. Ferguson and published by . This book was released on 1998 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unnecessary complexity has been avoided, yet the models have been presented in the same general form as they appear in the professional literature.
