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.
| ISBN: | 9783540326946 |
| Publication date: | 1st August 2006 |
| Author: | Jaroslav Zajac |
| Publisher: | Springer an imprint of Springer Berlin Heidelberg |
| Format: | Paperback |
| Pagination: | 274 pages |
| Series: | Lecture Notes in Economics and Mathematical Systems |
| Genres: |
Economics Economic theory and philosophy Macroeconomics Artificial intelligence Mathematics |
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.
Economic Dynamics and Information features in the following genres: Economics, Economic theory and philosophy, Macroeconomics, Artificial intelligence, Mathematics
Economic Dynamics and Information is available in Paperback
Economic Dynamics and Information was written by Jaroslav Zajac and published by Springer an imprint of Springer Berlin Heidelberg
Economic Dynamics and Information has 274 pages
Yes it is part of Lecture Notes in Economics and Mathematical Systems series