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230413723
Recursive Methods in Economic Dynamics
Item #:
230413723
SAR 539
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Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics.
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- Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. 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 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 many areas of economics, both theoretical and applied, will find this book essential.
| Publisher | Harvard University Press |
| Publication date | October 10, 1989 |
| Language | English |
| Print length | 608 pages |
| ISBN-10 | 0674750969 |
| ISBN-13 | 978-0674750968 |
| Item Weight | 975 g |
| Dimensions | 6.12 x 1.5 x 9.25 inches (15.5 x 3.8 x 23.5 cm) |
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Recursive Methods in Economic Dynamics
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English Edition Nancy L. Stokey , Robert E. Lucas Jr. Editorial Review
Recursive Methods in Economic Dynamics offers a comprehensive exploration of dynamic economic theory. Published by Harvard University Press on October 10, 1989, this book spans 608 pages, providing in-depth insights into the principles of recursive methods. Ideal for those seeking to understand intricate economic dynamics, it is well-structured and written in English, making it accessible to a wide audience. The dimensions of 6.12 x 1.5 x 9.25 inches ensure it is a manageable read, while its substantial weight reflects the depth of knowledge contained within. Scholars and practitioners will find the concepts within this publication valuable for application in various economic scenarios.
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Pros
- Comprehensive exploration of dynamic economic theory
- Well-structured for easy understanding
- Written in accessible English language
- Suitable for both scholars and practitioners
- Substantial length provides in-depth insights
Cons
- Might be too detailed for casual readers
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Features & Benefits
- Expert insights from three leading economists.
- Comprehensive guide on recursive analysis in economics.
- Covers both deterministic and stochastic dynamic programming.
- Illustrates concepts with real economic applications.
- Essential for researchers and graduate students.
- Equips readers with tools for predicting behavior in economics.
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