Recursive Methods in Economic Dynamics

ISBN-10: 0674750969
ISBN-13: 9780674750968
Edition: 1989
List price: $95.50 Buy it from $49.85 Rent it from $27.86
This item qualifies for FREE shipping

*A minimum purchase of $35 is required. Shipping is provided via FedEx SmartPost® and FedEx Express Saver®. Average delivery time is 1 – 5 business days, but is not guaranteed in that timeframe. Also allow 1 - 2 days for processing. Free shipping is eligible only in the continental United States and excludes Hawaii, Alaska and Puerto Rico. FedEx service marks used by permission."Marketplace" orders are not eligible for free or discounted shipping.

30 day, 100% satisfaction guarantee

If an item you ordered from TextbookRush does not meet your expectations due to an error on our part, simply fill out a return request and then return it by mail within 30 days of ordering it for a full refund of item cost.

Learn more about our returns policy

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.   More...

Used Starting from $49.85
New Starting from $103.45
Rent Starting from $27.86
what's this?
Rush Rewards U
Members Receive:
coins
coins
You have reached 400 XP and carrot coins. That is the daily max!

Study Briefs

Limited time offer: Get the first one free! (?)

All the information you need in one place! Each Study Brief is a summary of one specific subject; facts, figures, and explanations to help you learn faster.

Add to cart
Study Briefs
Periodic Table Online content $4.95 $1.99
Add to cart
Study Briefs
Business Ethics Online content $4.95 $1.99
Add to cart
Study Briefs
Business Law Online content $4.95 $1.99

Customers also bought

Loading
Loading
Loading
Loading
Loading
Loading
Loading
Loading
Loading
Loading

Book details

List price: $95.50
Copyright year: 1989
Publisher: Harvard University Press
Publication date: 10/10/1989
Binding: Hardcover
Pages: 560
Size: 6.50" wide x 9.50" long x 1.50" tall
Weight: 2.420
Language: English

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

The Recursive Approach
Introduction
An Overview
A Deterministic Model of Optimal Growth
A Stochastic Model of Optimal Growth
Competitive Equilibrium Growth
Conclusions and Plans
Deterministic Models
Mathematical Preliminaries
Metric Spaces and Normed Vector Spaces
The Contraction Mapping Theorem
The Theorem of The Maximum
Dynamic Programming under Certainty
The Principle of Optimality
Bounded Returns
Constant Returns to Scale
Unbounded Returns
Euler Equations
Applications of Dynamic Programming under Certainty
The One-Sector Model of Optimal Growth
A "Cake-Eating" Problem
Optimal Growth with Linear Utility
Growth with Technical Progress
A Tree-Cutting Problem
Learning by Doing
Human Capital Accumulation
Growth with Human Capital
Investment with Convex Costs
Investment with Constant Returns
Recursive Preferences
Theory of The Consumer with Recursive Preferences
A Pareto Problem with Recursive Preferences
An (s, S) Inventory Problem
The Inventory Problem in Continuous Time
A Seller with Unknown Demand
A Consumption-Savings Problem
Deterministic Dynamics
One-Dimensional Examples
Global Stability: Liapounov Functions
Linear Systems and Linear Approximations
Euler Equations
Applications
Stochastic Models
Measure Theory and Integration
Measurable Spaces
Measures
Measurable Functions
Integration
Product Spaces
The Monotone Class Lemma

×
Free shipping on orders over $35*

*A minimum purchase of $35 is required. Shipping is provided via FedEx SmartPost® and FedEx Express Saver®. Average delivery time is 1 – 5 business days, but is not guaranteed in that timeframe. Also allow 1 - 2 days for processing. Free shipping is eligible only in the continental United States and excludes Hawaii, Alaska and Puerto Rico. FedEx service marks used by permission."Marketplace" orders are not eligible for free or discounted shipping.

Learn more about the TextbookRush Marketplace.

×