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The Economics of Inaction

The Economics of Inaction PDF Author: Nancy L. Stokey
Publisher: Princeton University Press
ISBN: 0691135053
Category : Business & Economics
Languages : en
Pages : 321

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Book Description
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."--Pub. desc.