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Economic Dynamics and Information

By: Zajac, Jaroslav [author.].
Contributor(s): SpringerLink (Online service).
Material type: materialTypeLabelBookSeries: Lecture Notes in Economics and Mathematical Systems: 576Publisher: Berlin, Heidelberg : Springer Berlin Heidelberg, 2006.Description: X, 274 p. online resource.Content type: text Media type: computer Carrier type: online resourceISBN: 9783540326953.Subject(s): Artificial intelligence | Mathematics | Economics | Management science | Economic theory | Macroeconomics | Economics | Economics, general | Mathematics, general | Economic Theory/Quantitative Economics/Mathematical Methods | Artificial Intelligence (incl. Robotics) | Macroeconomics/Monetary Economics//Financial EconomicsDDC classification: 330 Online resources: Click here to access online
Contents:
Rational Expectations of Efficiency and Incentive Schemes -- Dynamic Adjustment Processes and the Effect of the Economic System -- Optimal Incentive Schemes with a Measure Space and Decision -- Dynamics and Information -- Life Cycle and Risk-Sharing of Information Under Restriction -- Risk Choices, Heterogeneous Beliefs and Prediction Strategies in Allocation -- Design, Knowledge and Stabilization of Economy -- Decision Process, Assets and Information -- Endowments, Money, Debt and Risky Choice of Decision -- Market Mechanisms, Portfolios and Uncertainty of Decisions -- Stability of Markets, Uncertainty, and Strategic Behavior -- Market Making, Information, Beliefs, and Chaos -- Volatility, Information, and Return Distribution -- Shocks, Uncertainty, and Preferences Over Information -- Externalities, Market Information and Contracts -- Cycles, Chaos, Stabilization and Technological Innovation -- Information Cascades, Expectations, and Risky Choices -- Conclusion.
In: Springer eBooksSummary: This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium. The variety and variance of agent capabilities is reflected in such constructions as culture, social relations, ideology, politics, and preferences that change continuously with historical development. Information variety is an efficacious companion of systemic variety, and can support the performance of an economy, and can be an economically efficient cradle for adaptation to environmental and individual change and systemic evolution.
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Item type Current location Call number Status Date due Barcode Item holds
E books E books PK Kelkar Library, IIT Kanpur
Available EBK5696
Total holds: 0

Rational Expectations of Efficiency and Incentive Schemes -- Dynamic Adjustment Processes and the Effect of the Economic System -- Optimal Incentive Schemes with a Measure Space and Decision -- Dynamics and Information -- Life Cycle and Risk-Sharing of Information Under Restriction -- Risk Choices, Heterogeneous Beliefs and Prediction Strategies in Allocation -- Design, Knowledge and Stabilization of Economy -- Decision Process, Assets and Information -- Endowments, Money, Debt and Risky Choice of Decision -- Market Mechanisms, Portfolios and Uncertainty of Decisions -- Stability of Markets, Uncertainty, and Strategic Behavior -- Market Making, Information, Beliefs, and Chaos -- Volatility, Information, and Return Distribution -- Shocks, Uncertainty, and Preferences Over Information -- Externalities, Market Information and Contracts -- Cycles, Chaos, Stabilization and Technological Innovation -- Information Cascades, Expectations, and Risky Choices -- Conclusion.

This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium. The variety and variance of agent capabilities is reflected in such constructions as culture, social relations, ideology, politics, and preferences that change continuously with historical development. Information variety is an efficacious companion of systemic variety, and can support the performance of an economy, and can be an economically efficient cradle for adaptation to environmental and individual change and systemic evolution.

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