Search Results - subject:"numerical solutions"

Assessing the accuracy of the aggregate law of motion in models with heterogeneous agents

Haan, Wouter J. Den - In: Journal of Economic Dynamics and Control 34 (2010) 1, pp. 79-99

This paper shows that the R2 and the standard error have fatal flaws and are inadequate accuracy tests. Using data from a Krusell-Smith economy, I show that approximations for the law of motion of aggregate capital, for which the true standard deviation of aggregate capital is up to 14% (119%)...

Persistent link: https://www.econbiz.de/10008493159

Comparison of solutions to the incomplete markets model with aggregate uncertainty

Haan, Wouter J. Den - In: Journal of Economic Dynamics and Control 34 (2010) 1, pp. 4-27

This paper compares numerical solutions to the model of Krusell and Smith [1998. Income and wealth heterogeneity in the …

Persistent link: https://www.econbiz.de/10008493160

Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty

Haan, Wouter J. Den; Judd, Kenneth L.; Juillard, Michel - In: Journal of Economic Dynamics and Control 34 (2010) 1, pp. 1-3

This paper describes the first model considered in the computational suite project that compares different numerical algorithms. It is an incomplete markets economy with a continuum of agents and an inequality (borrowing) constraint.

Persistent link: https://www.econbiz.de/10008493163

Solving the incomplete markets model with aggregate uncertainty using explicit aggregation

Haan, Wouter J. Den; Rendahl, Pontus - In: Journal of Economic Dynamics and Control 34 (2010) 1, pp. 69-78

We propose a method to solve models with heterogeneous agents and aggregate uncertainty. The law of motion describing aggregate behavior is obtained by explicitly aggregating the individual policy rule. The algorithm is simpler and faster than existing algorithms that rely on parameterization of...

Persistent link: https://www.econbiz.de/10008493165

Distributions of the potential and electric field of an electrode elliptic array used in tumor electrotherapy: Analytical and numerical solutions

Aguilera, Andrés Ramírez; Cabrales, Luis Enrique Bergues - In: Mathematics and Computers in Simulation (MATCOM) 79 (2009) 7, pp. 2091-2105

proposed. We present both analytical and numerical solutions for the potential and electric field in a solid tumor established … treatment with electrotherapy. These analytical and numerical solutions are obtained using multipole expansion and the finite … and between the analytical and numerical solutions. The results show a good agreement between these distributions in both …

Persistent link: https://www.econbiz.de/10011050406

Assessing the Accuracy of the Aggregate Law of Motion in Models with Heterogeneous Agents

Den Haan, Wouter - C.E.P.R. Discussion Papers - 2008

This paper shows that the R² and the standard error have fatal flaws and are inadequate as accuracy tests for models with heterogeneous agents and aggregate risk. Using data from a Krusell-Smith economy, I show that approximations for the law of motion of aggregate capital for which the true...

Persistent link: https://www.econbiz.de/10005791220

Solving the Incomplete Markets Model with Aggregate Uncertainty using Explicit Aggregation

Den Haan, Wouter; Rendahl, Pontus - C.E.P.R. Discussion Papers - 2008

We construct a method to solve models with heterogeneous agents and aggregate uncertainty that is simpler than existing algorithms; the aggregate law of motion is obtained neither by simulation nor by parameterization of the cross-sectional distribution, but by explicitly aggregating the...

Persistent link: https://www.econbiz.de/10005792222

Comparison of Solutions to the Incomplete Markets Model with Aggregate Uncertainty

Den Haan, Wouter - C.E.P.R. Discussion Papers - 2008

This paper compares numerical solutions to the model of Krusell and Smith (1998) generated by different numerical …

Persistent link: https://www.econbiz.de/10005136694

Queueing networks in equilibrium and Markov chains: numerical solution methods

Radev, Dimitar; Lokshina, Izabella; Denchev, Vladimir - In: World Review of Entrepreneurship, Management and … 3 (2007) 3/4, pp. 302-316

This paper is devoted to research and development of the computational procedures to obtain the steady-state probability vectors in the queueing networks. The numerical methods for the Markov chains performance evaluation and analysis, such as direct, iterative and aggregative methods, are...

Persistent link: https://www.econbiz.de/10010816980

Wage Bargaining in an Optimal Control Framework: A Dynamic Version of the Right-to-Manage Model

Guerrazzi, Marco - Department of Economics, Open University - 2007

This paper aims to represent wage bargaining as an optimal control problem. Specifically, by assuming that employment follows a stock adjustment principle towards the level that maximises profits, i.e., towards labour demand, we build an intertemporal optimising model in which the real wage is...

Persistent link: https://www.econbiz.de/10005677378