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Adaptive Processes in Economic Systems

Authors: Roy E. Murphy, Richard Bellman Publisher: Elsevier Science Publication date: 2016 Publication language: Angielski Number of pages: 226 Publication formats: EAN: 9781483264073 ISBN: 9781483264073 Category: Game theory Maths for engineers Publisher's index: 9781483264073 Bibliographic note: -

Description

Mathematics in Science and Engineering, Volume 20, Adaptive Processes in Economic Systems demonstrates the usefulness of communications theory, self-adaptive control theory, and thermodynamic theory to certain economic processes.

This book discusses the common properties of adaptive processes, role of the decision maker, and mixed adaptive processes of the first and second kind. The economic environmental processes, concept of entropy time, and stochastic dynamic economic process are also elaborated. This text likewise covers the investment model with full liquidity, adaptive capital allocation process, and concept of an economic state space. Other topics include the stochastic equilibrium in the market and individual adaptive behavior.

This volume is suitable for engineers, economists, and specialists of disciplines related to economic systems.

TOC

  • Front Cover 2
  • Adaptive Processes in Economic Systems 7
  • Copyright Page 8
  • Dedication 9
  • PREFACE 11
  • Table of Contents 15
  • CHAPTER 1. INTRODUCTION 19
    • 1.1 The Historical and Current Development of Adaptive Theory 19
    • 1.2 Common Properties of Adaptive Processes 26
    • References 27
  • CHAPTER 2. THE MATHEMATICAL MODEL 30
    • 2.2 Discrete Processes 30
    • 2.1 Introduction 30
    • 2.3 Some Discrete Sequential Processes 34
    • 2.4 The Role of the Decision Maker 38
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