Complexity, heterogeneity, and the methods of statistical physics in in economics: essays in memory of Masanao Aoki
In: Evolutionary economics and social complexity science volume 22
Intro -- Foreword: Memories of Masanao Aoki -- Preface -- Contents -- Part I Prof. Aoki's Contribution and Beyond -- 1 Stock Prices and the Real Economy:The Different Meaning of Efficiency -- 1.1 Introduction -- 1.2 The Neoclassical Theory -- 1.3 Volatility of Stock Prices and Returns -- 1.4 Real and Financial Sectors: A Lévy Flight Model -- 1.4.1 The Real Economy -- 1.4.2 Financial Market -- 1.5 Concluding Remarks on Efficiency -- References -- 2 The Macroeconomy as a Complex System: Building on Aoki's Statistical Mechanics Approach -- 2.1 Introduction -- 2.2 Aoki's Intuitions -- 2.2.1 The Building Blocks -- 2.2.2 The Master-Equation: A Generic Standard Form -- 2.2.3 Interpretation of a ME: An Example -- 2.2.4 Using or Solving the ME -- 2.3 Closing the Model -- 2.4 Extensions -- 2.4.1 Learning -- 2.4.2 Network -- 2.4.3 A Possible Bridge with the DSGE and the Stock-Flow Consistent Approaches -- 2.5 Conclusion -- References -- 3 On the Analytical Methods Considered Essential by Prof. Masanao Aoki in His Japanese Textbook -- 3.1 Ontological Background -- 3.1.1 Events with Multiplicity -- 3.1.2 The Fifth Stage of Aoki's Life Work -- 3.1.3 The Basic Profile of Aoki's Japanese Textbook in Aoki (Aoki2003) -- 3.2 The Standard Master Equation in the Case That Types Are Known and the Derivation of Stationary Multiple Equilibira -- 3.2.1 A Gibbs Distribution in Terms of the Master Equation -- 3.2.2 Multiplicity of the Microeconomic Configurations -- 3.2.3 The Microeconomic Birth-and-Death Process in a Discrete Form -- 3.2.4 Choice Under Uncertainty and the Multiple Local Equilibria: Cluster Dynamics -- 3.3 Preliminaries for the Stochastic Cluster Dynamics in the Case That Types Are Unknown -- 3.3.1 The Elementary Polya Process -- 3.3.2 A Flat Prior for Our Stochastic Dynamics -- 3.3.3 The Partition Vector and the Transition Rates.