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Book Cover
E-book
Author Zajac, Jaroslav.

Title Economic dynamics and information / Jaroslav Zajac
Published Berlin ; New York : Springer, ©2006

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Description 1 online resource (x, 274 pages)
Series Lecture notes in economics and mathematical systems ; 576
Lecture notes in economics and mathematical systems ; 576.
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, Heterogenous Beliefs and Prediction Strategies in Asset Allocation -- Design, Knowledge and Stabilization of Economy -- Decision Process, Assets and Information -- Edowments, 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
Summary 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
Bibliography Includes bibliographical references
Notes English
Print version record
In Springer e-books
Subject Investment analysis -- Mathematical models
Investments -- Mathematical models.
Assets (Accounting) -- Prices -- Mathematical models
Economics.
Mathematics.
Artificial intelligence.
economics.
mathematics.
applied mathematics.
artificial intelligence.
BUSINESS & ECONOMICS -- Finance.
Investments -- Mathematical models.
Assets (Accounting) -- Prices -- Mathematical models.
Economisch evenwicht.
Agentia.
Informatie.
Investment analysis -- Mathematical models.
Affaires.
Science économique.
Economie de l'entreprise.
Assets (Accounting) -- Prices -- Mathematical models
Investment analysis -- Mathematical models
Investments -- Mathematical models
Economisch evenwicht.
Agentia.
Informatie.
Form Electronic book
ISBN 9783540326953
3540326952
3540326944
9783540326946
9783540821137
3540821139
1281065722
9781281065728
9786611065720
6611065725