{"product_id":"rethinking-macroeconomics-with-endogenous-market-structure-paperback-softback-9781108710770","title":"Rethinking Macroeconomics with Endogenous Market Structure (Paperback \/ softback) 9781108710770","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eRethinking Macroeconomics with Endogenous Market Structure\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eAn innovative new agent-based macroeconomic framework demonstrating the macroeconomic implications of industrial structure and strategic interactions amongst oligopolistic firms within an economy.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eMarco Mazzoli (Author), Matteo Morini (Author), Pietro Terna (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781108710770, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 26 June 2025\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e250 pages\u003cbr\u003e22.9 x 15.2 x 1.3 cm, 0.37 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e'One of the relevant advantages of the agent-based models over the general economic equilibrium approach is that they allow us to model the behavior of heterogeneous agents. In this book the authors introduce an endogenous market structure, with a supply-side founded on the strategic behavior of a set of incumbent oligopolistic firms, engaged in a struggle to fence off potential new entrants. The demand side is modeled both as a clearing market and – here comes the innovation – as a system of interacting, price-fixing agents, carrying out a trial and error process. This approach is a successful attempt to breach the wall between the agent-based and mainstream macro modeling.' Massimo Egidi, Professor emeritus, Luiss University of Rome\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThe birth and death of firms is one of the main features of the business cycle. Yet mainstream DGSE macroeconomic models mostly ignore this phenomenon, thereby excluding any potential impact of economic policy on the probability of the birth and death of firms. Those DGSE models that do allow for this phenomenon do so at the cost of drastic simplifications, which effectively rule out causal links between the strategic interaction of industrial firms and the macroeconomy. This innovative new book develops a bottom-up, agent-based framework that shows how strategic interactions at the level of oligopolistic firms, and even at the level of individuals, affect entire industrial sectors and the equilibrium of the macroeconomy. It will appeal to academic researchers and graduate students working in computational economics, agent-based modelling and econophysics, as well as mainstream economists interested in learning more about alternatives to DGSE models in macroeconomics.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eIntroduction\u003cbr\u003e Part I. Theory: 1. Industrial structure and the macroeconomy: a few premises for a macromodel\u003cbr\u003e 2. Industrial structure and the macroeconomy: the macroeconomic model and its algebraic framework\u003cbr\u003e Part II. Model: 3. A computable market model: the structure of the agent-based simulation\u003cbr\u003e 4. The results of the simulation agent-based model\u003cbr\u003e 5. The model facing empirical data\u003cbr\u003e Conclusions\u003cbr\u003e Appendices: Appendix A. The structure of an atomistic simplified Hayekian market\u003cbr\u003e Appendix B. The acrostics of the simulation model and its parameters\u003cbr\u003e References\u003cbr\u003e Biographical notes.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Monetary economics [\u003ca title=\"See our other books on Monetary economics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Monetary%20economics%20%5BKCBM%5D%22\"\u003eKCBM\u003c\/a\u003e], Macroeconomics [\u003ca title=\"See our other books on Macroeconomics\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Macroeconomics%20%5BKCB%5D%22\"\u003eKCB\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Brand New","offer_id":52507422720280,"sku":"9781108710770","price":20.69,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781108710770i.jpg?v=1786446328","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/rethinking-macroeconomics-with-endogenous-market-structure-paperback-softback-9781108710770","provider":"Freshly Printed Books","version":"1.0","type":"link"}