北京大学 中国经济研究中心 陈平教授
演化经济动力学（研讨班）
2004年春季研究生和双学位选修课（3学分）
时间：每周五7-9节课(14:40-17:40)
助教：李华俊 leehuajun@ccermail.net
Evolutionary Economic Dynamics (3 Credits)
Spring 2004
Prof. Chen Ping
China Center for Economic Research, Peking University
Time: Friday, class 7-8 at 14:40-17:40.
Course Description: This is a research discussion course for graduate students and advanced undergraduate students.
Current economics lacks a consistent theoretical framework: microeconomics is largely static, the Arrow-Debreu model is not capable of describing technological progress; finance theory is based on Brownian motion model which is inherently unstable; macroeconomics has conflicting views with exogenous and endogenous schools. There is a visible gap between academic research and business practice. Market-share competition, product cycles, excess capacity, and persistent business cycles are beyond the scope of neo-classical economics and optimization approach.
In contrast to equilibrium theory with linear and stationary approach, we are developing a unified framework of evolutionary economic dynamics, including industry dynamics, growth fluctuations, and business cycles.
We will start from empirical analysis of non-stationary economic time series, apply both nonlinear deterministic and stochastic approach to explain product cycles, persistent fluctuations, and color chaos. We will discuss equilibrium illusions in macroeconomics, including Frisch model of noise-driven cycles, Lucas model of rational expectations and microfoundations, geometric Brownian motion, and random walk model. The life rhythms and birth-death process prove a better alternative for market competition and creative destructions. Evolutionary dynamics and evolutionary game theory offers a new understanding of microeconomic dynamics. We will also discuss unsolved issues in macro, micro, and finance theory.
Requirement: We will experiment teaching and discussion in English.
Students should have solid knowledge in English, calculus, differential equations, and basic knowledge in economics. Previous study in micro I and macro I are helpful but not compulsory. All basic tools in math would be introduced during the class. We encourage gifted undergraduate students to develop their research talents in their early stage.
Final Score: No exam. Home Work (50%), Reading and Presentation (20%), Research (30%). You earn 3 credits for two-hour selective class on Friday.
Course outline, reading references, downloading files, and possible changes would be posted at the BBS:
http://pchen.ccer.edu.cn/bbs/
