Recursive Methods in Economic Dynamics
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Recursive Methods in Economic Dynamics by Nancy L. Stokey
Book DescriptionThis rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate the many areas where they can usefully be applied.After presenting an overview of the recursive approach, the authors develop economic applications for deterministic dynamic programming and the stability theory of first-order difference equations. They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illustrating each with additional economic applications. They also derive a strong law of large numbers for Markov processes. Finally, they present the two fundamental theorems of welfare economics and show how to apply the methods developed earlier to general equilibrium systems.The authors go on to apply their methods to many areas of economics. Models of firm and industry investment, household consumption behavior, long-run growth, capital accumulation, job search, job matching, inventory behavior, asset pricing, and money demand are among those they use to show how predictions can he made about individual and social behavior. Researchers and graduate students in economic theory will find this book essential.
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Book DetailsISBN: 9780674750968
(235mm x 155mm x 38mm)
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 1-Jul-1989
Country of Publication: United States
Books By Author Nancy L. Stokey
Economics of Inaction, Hardback (October 2008)» View all books by Nancy L. Stokey
Shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. This book provides a treatment of two types of models, impulse and instantaneous control. It is suitable for graduate students and researchers in macroeconomics.
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Author Biography - Nancy L. Stokey
Robert E. Lucas, Jr., is John Dewey Distinguished Service Professor of Economics at the University of Chicago. In 1995, he was awarded the Nobel Prize in Economics.
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