Modelling with the Master Equation

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<p>This book presents the theory and practical applications of the Master equation approach, which provides a powerful general framework for model building in a variety of disciplines. The aim of the book is to not only highlight different mathematical solution methods, but also reveal their potential by means of practical examples.</p><p>Part I of the book, which can be used as a toolbox, introduces selected statistical fundamentals and solution methods for the Master equation.&nbsp;In Part II and Part III, the Master equation approach is applied to important applications in the natural and social sciences.</p><p>The case studies presented mainly hail from the social sciences, including urban and regional dynamics, population dynamics, dynamic decision theory, opinion formation and traffic dynamics; however, some applications from physics and chemistry are treated as well, underlining the interdisciplinary modelling potential of the Master equation approach.&nbsp;&nbsp;</p><p> </p><p>Drawing upon the author’s extensive teaching and research experience and consulting work, the book offers a valuable guide for researchers,&nbsp;graduate students&nbsp;and professionals alike.</p>