Recursive Methods in Economic Dynamics

Name: Recursive Methods in Economic Dynamics
Availability: InStock
ISBN: 9780674750968

ISBN-10: 0674750969

ISBN-13: 9780674750968

Edition: 1989

Authors: Nancy L. Stokey, Robert E. Lucas, Edward C. Prescott, Robert E. Lucas

List price: $104.50

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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. 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…

Book details

List price: $104.50
Copyright year: 1989
Publisher: Harvard University Press
Publication date: 10/10/1989
Binding: Hardcover
Pages: 608
Size: 6.13" wide x 9.25" long x 1.50" tall
Weight: 2.398
Language: English




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