Economics of Inaction

Name: Economics of Inaction
ISBN: 9780691135052

door Nancy L. Stokey

4/5

(8 stemmen)

Eerste druk: 2008
Uitgevers: Princeton University Press

First I have to say this is a great book. I have read four chapters and really enjoy the compact treatment of notations, making it very suitable for someone with a solid math background to review the relevant concepts in probability and stochastic processes.

Great treatment of stochastic optimal control for economics. The book is more general than the title suggests, that is it goes far beyond models with costs of adjustment.

The book talks about the macroeconomic model and is founded by the use of stopping methods and the Bellmann-Hamilton equation. The last equation is important because the sthocastic theory is related to traditional analysis.

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