Books by Masanao (University of California Aoki

In this book, the authors treat macroeconomic models as composed of large numbers of micro-units or agents of several types and explicitly discuss stochastic dynamic and combinatorial aspects of interactions among them.

How do a large but finite number of agents interact, and, consequently, what macroeconomic statistical regularities or patterns may evolve? The book examines situations (e.g. fluctuations about equilibria, multiple equilibria and asymmetrical cycles of models) which are caused by model states stochastically moving from one basis of attraction to another.

This book contributes substantively to the current state-of-the-art of macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependent strategies.