THE ECONOMICS OF INACTION: STOCHASTIC CONTROL MODELS WITH FIXED COSTS
Language: English
Published by Princeton University Press, Princeton, 2009
- First Edition
- Hardcover
- Used
Seller: Second Story Books, ABAA, Rockville, MD, U.S.A.Second Story Books, ABAA
AbeBooks seller since May 29, 1997
Condition: Used
£ 62.36
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Add to basketItem description from seller
Octavo, viii, ix, 308 pages. In Very Good condition with a Very Good dust jacket. Dust jacket protected with a mylar covering. Spine dark green with white lettering. Exterior has very mild wear. Boards have very slight wear. Text block has very slight wear including slight age toning to the edges. Illustrated. First edition, first printing. Shelved in Column L. 1417973. FP New Rockville Stock.
Seller Inventory # 1417973
- Title
- THE ECONOMICS OF INACTION: STOCHASTIC CONTROL MODELS WITH FIXED COSTS
- Author
- Stokey, Nancy L.
- Publisher
- Princeton University Press, Princeton
- Publication year
- 2009
- Dust jacket
- dj
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 0691135053
- ISBN 13
- 9780691135052
- Edition
- First Edition, First Printing.
- Item weight
- 2 pounds
- Seller catalogs
- Sciences, Math, Medicine, & Natural History, Social Sciences
In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management.
In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases.
This authoritative book will be essential reading for graduate students and researchers in macroeconomics.
"Synopsis" may belong to another edition of this title.
About the Author
"About the title" may belong to another edition of this title.
Second Story Books, ABAA
Rockville, MD, U.S.A.
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