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Recursive Methods in Economic Dynamics

by Nancy L. Stokey, Edward C. Prescott, Robert E. Lucas Jr.
Compare to estimated retail price: S$127.44  

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Recursive Methods in Economic Dynamics
Recursive Methods in Economic Dynamics

Advanced economic theory through recursive methods.

If you're delving into economic dynamics or need a rigorous academic approach to modern economic theories, "Recursive Methods in Economic Dynamics" is a treasure trove that stands out for its comprehensive and methodical exploration. With Stokey, Lucas, and Prescott as your guides, expect to deepen your understanding of dynamic programming and Markov processes, giving you a solid foundation for research or advanced study in economics.

Note: While we do our best to ensure the accuracy of cover images, ISBNs may at times be reused for different editions of the same title which may hence appear as a different cover.

Recursive Methods in Economic Dynamics

by Nancy L. Stokey, Edward C. Prescott, Robert E. Lucas Jr.
Compare to estimated retail price: S$127.44  

The item you've got your eye on is secondhand. You probably already know that, but just in case!

The estimated retail price shown next to any listed item represents the first-hand prices we've seen elsewhere, or the estimated original retail price of a comparable item of the same quality, construction and material offered elsewhere in new condition.

Condition guide

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ISBN: 9780674750968
Authors: Nancy L. Stokey, Edward C. Prescott, Robert E. Lucas Jr.
Publisher: Harvard University Press
Date of Publication: 1989-01-01
Format: Hardcover
Related Collections: Economics, Business
Related Topics: Finance, Money
Goodreads rating: 4.16
(rated by 64 readers)

Description

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 be made about individual and social behavior. Researchers and graduate students in economic theory will find this book essential.
 

Advanced economic theory through recursive methods.

If you're delving into economic dynamics or need a rigorous academic approach to modern economic theories, "Recursive Methods in Economic Dynamics" is a treasure trove that stands out for its comprehensive and methodical exploration. With Stokey, Lucas, and Prescott as your guides, expect to deepen your understanding of dynamic programming and Markov processes, giving you a solid foundation for research or advanced study in economics.

Note: While we do our best to ensure the accuracy of cover images, ISBNs may at times be reused for different editions of the same title which may hence appear as a different cover.