The Art Of Smooth Pasting
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| Author | : Avinash K. Dixit |
| Publisher | : Psychology Press |
| Total Pages | : 96 |
| Release | : 2001 |
| Genre | : Business & Economics |
| ISBN | : 9780415269377 |
This book aims to widen the understanding of stochastic dynamic choice and equilibrium models. It offers a simplified and heuristic exposition of the theory of Brownian motion and its control or regulation, rendering such methods more accessible to economists who do not require a detailed, mathematical treatment of the subject. The main mathematical ideas are presented in a context which with which economists will be familiar. Using a binomial approach to Brownian motion, the mathematics is reduced to simple algebra, progressing to some equally simple limits. The starting point of the calculus of Brownian motion - 'Ito's Lemma' - emerges by analogy with the economics of risk-aversion. Conditions for the optimal regulation of Brownian motion, including the important, but often mysterious, 'smooth pasting' condition, are derived in a similar way. Each theoretical derivation is illustrated by developing a significant economic application, drawn mainly from recent research in macroeconomics and international economics.
| Author | : Avinash Kamalakar Dixit |
| Publisher | : |
| Total Pages | : 72 |
| Release | : 1994 |
| Genre | : |
| ISBN | : 9783718653843 |
| Author | : Thomas R. Palfrey |
| Publisher | : CRC Press |
| Total Pages | : 126 |
| Release | : 2020-08-26 |
| Genre | : Business & Economics |
| ISBN | : 1000154645 |
The implementation problem lies at the heart of a theory of institutions. Simply stated, the aim of implementation theory is to investigate in a rigorous way the relationships between outcomes in a society and how those outcomes arise. The first part of "Bayesian Implementation" presents a basic model of the Bayesian implementation problem and summarizes and explains recent developments in this branch of implementation theory. Substantive problems of interest such as public goods provision, auctions and bargaining are special cases of the model, and these are addressed in subsequent chapters.
| Author | : Christian Bordes-Marcilloux |
| Publisher | : Manchester University Press |
| Total Pages | : 282 |
| Release | : 1995 |
| Genre | : Business & Economics |
| ISBN | : 9780719047077 |
The speculative crises of 1992-93, which shook the EMS, left in their wake a series of questions about the monetary future of Europe, exchange rate behaviour and exchange-rate policy. This book explores these questions from the varying standpoints of econo
| Author | : Mario J. Miranda |
| Publisher | : MIT Press |
| Total Pages | : 529 |
| Release | : 2004-08-20 |
| Genre | : Business & Economics |
| ISBN | : 0262291754 |
This book presents a variety of computational methods used to solve dynamic problems in economics and finance. It emphasizes practical numerical methods rather than mathematical proofs and focuses on techniques that apply directly to economic analyses. The examples are drawn from a wide range of subspecialties of economics and finance, with particular emphasis on problems in agricultural and resource economics, macroeconomics, and finance. The book also provides an extensive Web-site library of computer utilities and demonstration programs. The book is divided into two parts. The first part develops basic numerical methods, including linear and nonlinear equation methods, complementarity methods, finite-dimensional optimization, numerical integration and differentiation, and function approximation. The second part presents methods for solving dynamic stochastic models in economics and finance, including dynamic programming, rational expectations, and arbitrage pricing models in discrete and continuous time. The book uses MATLAB to illustrate the algorithms and includes a utilities toolbox to help readers develop their own computational economics applications.
| Author | : Murray C. Kemp |
| Publisher | : Taylor & Francis |
| Total Pages | : 70 |
| Release | : 1993 |
| Genre | : Business & Economics |
| ISBN | : 9783718653829 |
First Published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.
| Author | : J. Michael Harrison |
| Publisher | : Cambridge University Press |
| Total Pages | : 209 |
| Release | : 2013-12-02 |
| Genre | : Mathematics |
| ISBN | : 1107512085 |
Direct and to the point, this book from one of the field's leaders covers Brownian motion and stochastic calculus at the graduate level, and illustrates the use of that theory in various application domains, emphasizing business and economics. The mathematical development is narrowly focused and briskly paced, with many concrete calculations and a minimum of abstract notation. The applications discussed include: the role of reflected Brownian motion as a storage model, queuing model, or inventory model; optimal stopping problems for Brownian motion, including the influential McDonald–Siegel investment model; optimal control of Brownian motion via barrier policies, including optimal control of Brownian storage systems; and Brownian models of dynamic inference, also called Brownian learning models or Brownian filtering models.
| Author | : Colin Read |
| Publisher | : Elsevier |
| Total Pages | : 391 |
| Release | : 2007-04-13 |
| Genre | : Business & Economics |
| ISBN | : 0750683716 |
Description and extensions of the capital income effective tax rate literature / M.M. Ruiz, F. Gérard, M. ; p. 11- 41.
| Author | : Nicholas R. Miller |
| Publisher | : Taylor & Francis |
| Total Pages | : 172 |
| Release | : 2023-05-31 |
| Genre | : Political Science |
| ISBN | : 1000944778 |
First published in 1995. The text is technically precise but at the same time accessible, and is carried forward by numerous examples. The chapters focus on vote counting rules, voting agendas, voter preferences, sincere and sophisticated voting strategies, solution sets, voting outcomes, agendas control, and agenda formation. The author himself has made prior research contributions to a number of these topics.
| Author | : Tsutomu Harada |
| Publisher | : Routledge |
| Total Pages | : 289 |
| Release | : 2019-03-04 |
| Genre | : Business & Economics |
| ISBN | : 0429758022 |
Existing literature looks at national innovation systems from the perspective of either "inside the black box" or "outside the black box". This is the first book that analyzes both the inside and outside of the black box using a general equilibrium framework. The book looks at what is outside the black box and provides models of path-dependent endogenous growth; examines the dynamics of the black box from the intersectoral perspective of the economy; and proposes an innovation flow matrix. It also takes into account both business cycles and endogenous innovation in the unified New Keynesian dynamic stochastic general equilibrium (DSGE) model and examines how business cycles and other policy shocks affect endogenous innovation. The unified treatment of the national innovation system from perspectives both inside and outside the black box using rigorous economic models and empirical analyses makes this an enlightening work, shedding new light on innovation economics.
