Recursive Methods in Economic Dynamics

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9780674750968: Recursive Methods in Economic Dynamics
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The book is a "tour de force". The authors present a unified approach to the techniques and applications of recursive economic theory. The presentations of discrete-time dynamic programming and of Markov processes are authoritative. There is a wide-ranging series of examples drawn from all branches of the discipline, but with special emphasis on macroeconomics. In the short run, the book will be a vital reference in any advanced course in macroeconomic theory. In the long run, it may help to remove the traditional boundaries between microeconomic theory and macroeconomic theory.--Andrew Caplin, Columbia University This book is a wonderful collection of results on the techniques of dynamic programming with great applications to economics written by giants in the field.--Sanford J. Grossman, University of Pennsylvania The book is a "tour de force." The authors present a unified approach to the techniques and applications of recursive economic theory. The presentations of discrete-time dynamic programming and of Markov processes are authoritative. There is a wide-ranging series of examples drawn from all branches of the discipline, but with special emphasis on macroeconomics. In the short run, the book will be a vital reference in any advanced course in macroeconomic theory. In the long run, it may help to remove the traditional boundaries between microeconomic theory and macroeconomic theory.--Andrew Caplin, Columbia University The book is a tour de force. The authors present a unified approach to the techniques and applications of recursive economic theory. The presentations of discrete-time dynamic programming and of Markov processes are authoritative. There is a wide-ranging series of examples drawn from all branches of the discipline, but with special emphasis on macroeconomics. In the short run, the book will be a vital reference in any advanced course in macroeconomic theory. In the long run, it may help to remove the traditional boundaries between microeconomic theory and macroeconomic theory.--Andrew Caplin, Columbia University A magnificent work that is bound to have immense influence on the ways economists think about dynamic systems for many years to come. My own guess is that this book will eventually acquire the stature, say, of Hicks's Value and Capital or Samuelson's Foundations.--Thomas J. Sargent, Hoover Institution

Reseña del editor:

Develops the basic methods of recursive analysis, covers stochastic dynamic programming, and presents two fundamental theorems of welfare economics.

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Nancy L. Stokey, Robert E. Lucas, Edward C. Prescott
Publicado por HARVARD UNIVERSITY PRESS, United States (2011)
ISBN 10: 0674750969 ISBN 13: 9780674750968
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Descripción HARVARD UNIVERSITY PRESS, United States, 2011. Hardback. Condición: New. Language: English . Brand New Book. This 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. Nº de ref. del artículo: AAH9780674750968

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Nancy L. Stokey, Robert E. Lucas, Edward C. Prescott
Publicado por HARVARD UNIVERSITY PRESS, United States (2011)
ISBN 10: 0674750969 ISBN 13: 9780674750968
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Descripción HARVARD UNIVERSITY PRESS, United States, 2011. Hardback. Condición: New. Language: English . Brand New Book. This 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. Nº de ref. del artículo: AAH9780674750968

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Nancy L. Stokey
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Descripción Harvard Univ Press. Condición: BRAND NEW. BRAND NEW Hardcover A Brand New Quality Book from a Full-Time Veteran Owned Bookshop in business since 1992!. Nº de ref. del artículo: 2667753

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A. David Stokey
Publicado por Harvard University Press 1989-07-01, Cambridge, Massachusetts (1989)
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Descripción Harvard University Press 1989-07-01, Cambridge, Massachusetts, 1989. hardback. Condición: New. Nº de ref. del artículo: 9780674750968

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Nancy L. Stokey; Robert E. Lucas; Edward C. Prescott
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Descripción Condición: New. Bookseller Inventory # ST0674750969. Nº de ref. del artículo: ST0674750969

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Nancy L. Stokey
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Descripción Harvard University Press, 1989. HRD. Condición: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Nº de ref. del artículo: GB-9780674750968

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Descripción Harvard University Press. Condición: New. Brand New. Nº de ref. del artículo: 0674750969

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Nancy L. Stokey, Robert E. Lucas Jr., Edward C. Prescott
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Descripción Harvard University Press, 1989. Hardcover. Condición: New. Nº de ref. del artículo: DADAX0674750969

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Descripción 1989. HRD. Condición: New. New Book.Shipped from US within 10 to 14 business days. Established seller since 2000. Nº de ref. del artículo: IB-9780674750968

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Descripción 1989. Hardback. Condición: NEW. 9780674750968 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. For all enquiries, please contact Herb Tandree Philosophy Books directly - customer service is our primary goal. Nº de ref. del artículo: HTANDREE01301220

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