Recursive Methods in Economic Dynamics Stokey Nancy L.Pevná vazba
Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Lucas, Jr., and Edward C. Stokey, Robert E. They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illust… Celý popis ↓
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Popis Recursive Methods in Economic Dynamics Stokey Nancy L.Pevná vazba
Recursive Methods in Economic Dynamics Stokey Nancy L.Pevná vazba
Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Lucas, Jr., and Edward C. Stokey, Robert E.
They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illustrating each with additional economic applications. Prescott develop the basic methods of recursive analysis and emphasize 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 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
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