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A dynamic service sector model - a master equations' approach with prices and land rents.

Haag, G; Wilson, AG; (1986) A dynamic service sector model - a master equations' approach with prices and land rents.

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Abstract

We consider a service-sector model constructed with a master equation approach. Our starting points are the decision processes of both the individuals who decide to use facilities of different regions and of the entrepreneurs who decide about changes in the facility stock. No equilibrium assumption in driving the fundamental dynamic equations of motions for the relevant microvariables of the system is used. The master equation approach provides a general framework for socio-economic processes. The framework also provides a link between microeconomic considerations and the macro-economic equations of motion for aggregate mean values. So it opens up a broader overall framework, with full probabilistic dynamic underpinning. In Section 2, we describe a service system in a notation which is suitable for the master equation approach. In section 3, we develop the new formulation models using master equations. In section 4, we show how this leads to new procedures for parameter estimation. Some concluding comments are offered in section 5.-after Authors

Type: Working / discussion paper
Title: A dynamic service sector model - a master equations' approach with prices and land rents.
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Centre for Advanced Spatial Analysis
URI: http://discovery.ucl.ac.uk/id/eprint/1316607
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