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The Economics of Inaction: Stochastic Control Models with Fixed Costs
Nancy L. Stokey
€ 83.17
€ 64.47
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Description for The Economics of Inaction: Stochastic Control Models with Fixed Costs
Hardback. 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. Num Pages: 320 pages, 50 line illus. BIC Classification: KCA. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 245 x 166 x 24. Weight in Grams: 590.
In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit "lumpy" behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management. In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, ... Read more
In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit "lumpy" behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management. In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, ... Read more
Product Details
Publisher
Princeton University Press United States
Number of pages
320
Format
Hardback
Publication date
2008
Condition
New
Number of Pages
320
Place of Publication
New Jersey, United States
ISBN
9780691135052
SKU
V9780691135052
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Nancy L. Stokey
Nancy L. Stokey is the Frederick Henry Prince Professor of Economics at the University of Chicago. She is the author, with Robert Lucas and Edward Prescott, of" Recursive Methods in Economic Dynamics".
Reviews for The Economics of Inaction: Stochastic Control Models with Fixed Costs
"The presentation of all these problems and solutions is impeccably precise, perfectly appropriate for textbook use in a taught course, and suitable for independent reading by readers with standard mathematical and economic background."
Giuseppe Bertola, Journal of Economic Literature
Giuseppe Bertola, Journal of Economic Literature