From constrained optimization to constrained dynamics: extending analogies between economics and mechanics
Since the beginnings of modern economics, economists sought to emulate the revolution in physics initiated by Newton’s ‘Principia’ (1687). Concepts from mechanics have influenced economic models both in terms of methodology and content. The aim of this theoretical paper is to put forward a novel eco...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Oldenburg
Department of Economics, University of Oldenburg
2017
|
| Schriftenreihe: | Oldenburg discussion papers in economics
V-405-17 |
| Online-Zugang: | 10419/171974 Volltext Volltext |
| Zusammenfassung: | Since the beginnings of modern economics, economists sought to emulate the revolution in physics initiated by Newton’s ‘Principia’ (1687). Concepts from mechanics have influenced economic models both in terms of methodology and content. The aim of this theoretical paper is to put forward a novel economic modeling framework that extends the analogies between economics and classical mechanics from constrained optimization to constrained dynamics. We introduce the concepts of economic forces and economic power that bear striking resemblance to physical forces and the reciprocal value of mass. In this setup, the change of a variable is determined by the forces agents employ to change it according to their desire, their power to assert their interest, and constraint forces emerging from system constraints. The approach is based on a genuine dynamic out-of-equilibrium analysis and can incorporate heterogeneous agents, prisoner’s dilemma situations, and behavioral assumptions different from rationality and utility maximization. Thereby, it seeks to overcome some restrictions inherent to approaches based on optimization under constraint and provide an out-of-equilibrium foundation for equilibrium models. We transform a static textbook exchange model into a dynamic model, and reflect on advantages, extensions and caveats of our modeling approach |
| Beschreibung: | 1 Online-Ressource (circa 32 Seiten) |
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| id | DE-604.BV044738851 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T08:00:50Z |
| institution | BVB |
| language | English |
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| series2 | Oldenburg discussion papers in economics |
| spelling | Glötzl, Erhard 1948- Verfasser (DE-588)132873362 aut From constrained optimization to constrained dynamics extending analogies between economics and mechanics Erhard Glötzl, Florentin Glötzl, Oliver Richters Oldenburg Department of Economics, University of Oldenburg 2017 1 Online-Ressource (circa 32 Seiten) txt rdacontent c rdamedia cr rdacarrier Oldenburg discussion papers in economics V-405-17 Since the beginnings of modern economics, economists sought to emulate the revolution in physics initiated by Newton’s ‘Principia’ (1687). Concepts from mechanics have influenced economic models both in terms of methodology and content. The aim of this theoretical paper is to put forward a novel economic modeling framework that extends the analogies between economics and classical mechanics from constrained optimization to constrained dynamics. We introduce the concepts of economic forces and economic power that bear striking resemblance to physical forces and the reciprocal value of mass. In this setup, the change of a variable is determined by the forces agents employ to change it according to their desire, their power to assert their interest, and constraint forces emerging from system constraints. The approach is based on a genuine dynamic out-of-equilibrium analysis and can incorporate heterogeneous agents, prisoner’s dilemma situations, and behavioral assumptions different from rationality and utility maximization. Thereby, it seeks to overcome some restrictions inherent to approaches based on optimization under constraint and provide an out-of-equilibrium foundation for equilibrium models. We transform a static textbook exchange model into a dynamic model, and reflect on advantages, extensions and caveats of our modeling approach Glötzl, Florentin Verfasser aut Richters, Oliver 1986- Verfasser (DE-588)1108133711 aut Oldenburg discussion papers in economics V-405-17 (DE-604)BV039810434 405 10419/171974 http://www.uni-oldenburg.de/fileadmin/user_upload/wire/fachgebiete/vwl/V-405-17.pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/171974 Resolving-System kostenfrei Volltext |
| spellingShingle | Glötzl, Erhard 1948- Glötzl, Florentin Richters, Oliver 1986- From constrained optimization to constrained dynamics extending analogies between economics and mechanics Oldenburg discussion papers in economics |
| title | From constrained optimization to constrained dynamics extending analogies between economics and mechanics |
| title_auth | From constrained optimization to constrained dynamics extending analogies between economics and mechanics |
| title_exact_search | From constrained optimization to constrained dynamics extending analogies between economics and mechanics |
| title_full | From constrained optimization to constrained dynamics extending analogies between economics and mechanics Erhard Glötzl, Florentin Glötzl, Oliver Richters |
| title_fullStr | From constrained optimization to constrained dynamics extending analogies between economics and mechanics Erhard Glötzl, Florentin Glötzl, Oliver Richters |
| title_full_unstemmed | From constrained optimization to constrained dynamics extending analogies between economics and mechanics Erhard Glötzl, Florentin Glötzl, Oliver Richters |
| title_short | From constrained optimization to constrained dynamics |
| title_sort | from constrained optimization to constrained dynamics extending analogies between economics and mechanics |
| title_sub | extending analogies between economics and mechanics |
| url | 10419/171974 http://www.uni-oldenburg.de/fileadmin/user_upload/wire/fachgebiete/vwl/V-405-17.pdf http://hdl.handle.net/10419/171974 |
| volume_link | (DE-604)BV039810434 |
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