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Essays in Economic Dynamics

Theory, Simulation Analysis, and Methodological Study

  • Book
  • © 2016

Overview

Editors:
  1. Akio Matsumoto

    1. Department of Economic, Chuo University Department of Economic, Hachioji, Japan

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  2. Ferenc Szidarovszky

    1. University of Pecs , Pecs, Hungary

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  3. Toichiro Asada

    1. Faculty of Economics, Chuo University Faculty of Economics, Hachioji, Japan

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  • Provides a broad overview of dynamic economic models at both macro and micro levels

  • Includes recent mathematical developments of existing local and global dynamics in nonlinear systems

  • Presents an excellent demonstration of the diversity of long-term dynamic behavior in economic systems

  • Includes supplementary material: sn.pub/extras

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Table of contents (14 chapters)

  1. Front Matter

    Pages i-viii
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  2. Methodological Issue

    1. Front Matter

      Pages 1-1
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    2. Simonian Bounded Rationality and Complex Behavioral Economics

      • J. Barkley Rosser Jr., Marina V. Rosser
      Pages 3-22

    3. An Alternative Proof of the Theorem of Woodford on the Existence of a Sunspot Equilibrium in a Continuous-Time Model

      • Kazuo Nishimura, Tadashi Shigoka
      Pages 23-32

  3. Microeconomics Models

    1. Front Matter

      Pages 33-33
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    2. Hotelling Duopoly Revisited

      • Tönu Puu
      Pages 35-55

    3. Learning in Monopolies with Delayed Price Information

      • Akio Matsumoto, Ferenc Szidarovszky
      Pages 57-79

    4. Different Modelling Approaches for Time Lags in a Monopoly

      • Luca Gori, Luca Guerrini, Mauro Sodini
      Pages 81-98

    5. Dynamic Oligopoly Models with Production Adjustment and Investment Costs

      • Akio Matsumoto, Ugo Merlone, Ferenc Szidarovszky
      Pages 99-109

    6. A Stylized Model for Long-Run Index Return Dynamics

      • Natascia Angelini, Giacomo Bormetti, Stefano Marmi, Franco Nardini
      Pages 111-122

    7. A Non-Walrasian Microeconomic Foundation of the “Profit Principle” of Investment

      • Hiroki Murakami
      Pages 123-141
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Keywords

About this book

This book reflects the state of the art in nonlinear economic dynamics, providing a broad overview of dynamic economic models at different levels. The wide variety of approaches ranges from theoretical and simulation analysis to methodological study. In particular, it examines the local and global asymptotical behavior of both macro- and micro- level mathematical models, theoretically as well as using simulation. It also focuses on systems with one or more time delays for which new methodology has to be developed to investigate their asymptotic properties. The book offers a comprehensive summary of the existing methodology with extensions to the more complex model variants, since considerations on bounded rationality of complex economic behavior provide the foundation underlying choice-theoretic and policy-oriented studies of macro behavior, which impact the real macro economy. It includes 13 chapters addressing traditional models such as monopoly, duopoly and oligopoly in microeconomics and Keynesian, Goodwinian, and Kaldor–Kaleckian models in macroeconomics. Each chapter presents new aspects of these traditional models that have never been seen before. This work renews the past wisdom and reveals tomorrow's knowledge.

Editors and Affiliations

  • Department of Economic, Chuo University Department of Economic, Hachioji, Japan

    Akio Matsumoto

  • University of Pecs , Pecs, Hungary

    Ferenc Szidarovszky

  • Faculty of Economics, Chuo University Faculty of Economics, Hachioji, Japan

    Toichiro Asada

About the editors

Akio Matsumoto, Chuo university
 
Ferenc Szidarovszky, University of  Pécs
 
Toichiro Asada, Chuo University



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