英文标题：
《Econophysics Beyond General Equilibrium: the Business Cycle Model》
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作者：
Victor Olkhov
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最新提交年份：
2018
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英文摘要：
  Current business cycle theory is an application of the general equilibrium theory. This paper presents the business cycle model without using general equilibrium framework. We treat agents risk assessments as their coordinates x on economic space and establish distribution of all economic agents by their risk coordinates. We suggest aggregation of agents and their variables by scales large to compare with risk scales of single agents and small to compare with economic domain on economic space. Such model is alike to transition from kinetic description of multi-particle system to hydrodynamic approximation. Aggregates of agents extensive variables with risk coordinate x determine macro variables as functions of x alike to hydrodynamic variables. Economic and financial transactions between agents define evolution of their variables. Aggregation of transactions between agents with risk coordinates x and y determine macro transactions as functions of x and y and define evolution of macro variables at points x and y. We describe evolution and interactions between macro transactions by hydrodynamic-like system of economic equations. We show that business cycles are described as consequence of the system of economic equations on macro transactions. As example we describe Credit transactions CL(tax,y) that provide Loans from Creditors at point x to Borrowers at point y and Loan-Repayment transactions LR(t,x,y) that describe repayments from Borrowers at point y to Creditors at point x. We use hydrodynamic-like economic equations and derive from them the system of ordinary differential equations that describe business cycle fluctuations of macro Credits C(t) and macro Loan-Repayments LR(t) of the entire economics. The nature of business cycle fluctuations is explained as oscillations of \"mean risk\" of economic variables on bounded economic domain of economic space.
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中文摘要：
当前的经济周期理论是一般均衡理论的应用。本文提出了不使用一般均衡框架的经济周期模型。我们将代理人风险评估视为其在经济空间上的坐标x，并根据其风险坐标确定所有经济代理人的分布。我们建议将代理人及其变量按规模进行聚合，以与单个代理人的风险规模进行比较，并在经济空间上与经济领域进行比较。这种模型类似于从多粒子系统的动力学描述过渡到流体动力学近似。具有风险坐标x的代理广泛变量的集合决定了宏观变量是x的函数，类似于水动力变量。代理人之间的经济和金融交易决定了他们变量的演变。风险坐标为x和y的代理之间的交易聚合将宏观交易确定为x和y的函数，并定义x和y点处宏观变量的演化。我们通过类似流体动力学的经济方程组描述宏观交易之间的演化和相互作用。我们表明，商业周期被描述为宏观交易的经济方程系统的结果。例如，我们描述了信贷交易CL（税收，y），该交易从x点的债权人向y点的借款人提供贷款，以及贷款偿还交易LR（t，x，y），该交易描述了从y点的借款人向x点的债权人偿还贷款。我们使用类似流体动力学的经济方程，并从中推导出描述整个经济体的宏观信贷C（t）和宏观贷款偿还LR（t）。商业周期波动的本质被解释为经济空间有限经济域上经济变量“平均风险”的振荡。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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