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Author: Avinash K. Dixit
Publisher: Psychology Press
ISBN: 9780415269377
Category : Business & Economics
Languages : en
Pages : 96
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Book Description
This book aims to widen the understanding of stochastic dynamic choice and equilibrium models. It offers a simplified and heuristic exposition of the theory of Brownian motion and its control or regulation, rendering such methods more accessible to economists who do not require a detailed, mathematical treatment of the subject. The main mathematical ideas are presented in a context which with which economists will be familiar. Using a binomial approach to Brownian motion, the mathematics is reduced to simple algebra, progressing to some equally simple limits. The starting point of the calculus of Brownian motion - 'Ito's Lemma' - emerges by analogy with the economics of risk-aversion. Conditions for the optimal regulation of Brownian motion, including the important, but often mysterious, 'smooth pasting' condition, are derived in a similar way. Each theoretical derivation is illustrated by developing a significant economic application, drawn mainly from recent research in macroeconomics and international economics.
Author: A. Dixit
Publisher: Routledge
ISBN: 1317973739
Category : Business & Economics
Languages : en
Pages : 85
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Book Description
This book aims to widen the understanding of stochastic dynamic choice and equilibrium models. It offers a simplified and heuristic exposition of the theory of Brownian motion and its control or regulation, rendering such methods more accessible to economists who do not require a detailed, mathematical treatment of the subject. The main mathematical ideas are presented in a context which with which economists will be familiar. Using a binomial approach to Brownian motion, the mathematics is reduced to simple algebra, progressing to some equally simple limits. The starting point of the calculus of Brownian motion - 'Ito's Lemma' - emerges by analogy with the economics of risk-aversion. Conditions for the optimal regulation of Brownian motion, including the important, but often mysterious, 'smooth pasting' condition, are derived in a similar way. Each theoretical derivation is illustrated by developing a significant economic application, drawn mainly from recent research in macroeconomics and international economics.
Author: Avinash Kamalakar Dixit
Publisher:
ISBN: 9783718653843
Category :
Languages : en
Pages : 72
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Book Description
Author: Avinash K. Dixit
Publisher:
ISBN:
Category : Applied mathematics
Languages : en
Pages : 81
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Book Description
Author: Wilbur Lincoln Scoville
Publisher:
ISBN:
Category :
Languages : en
Pages : 426
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Book Description
Author: Giuseppe Travaglini
Publisher: Springer Nature
ISBN: 3031549864
Category :
Languages : en
Pages : 157
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Book Description
Author: Thomas R. Palfrey
Publisher: CRC Press
ISBN: 1000154645
Category : Business & Economics
Languages : en
Pages : 126
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Book Description
The implementation problem lies at the heart of a theory of institutions. Simply stated, the aim of implementation theory is to investigate in a rigorous way the relationships between outcomes in a society and how those outcomes arise. The first part of "Bayesian Implementation" presents a basic model of the Bayesian implementation problem and summarizes and explains recent developments in this branch of implementation theory. Substantive problems of interest such as public goods provision, auctions and bargaining are special cases of the model, and these are addressed in subsequent chapters.
Author:
Publisher:
ISBN:
Category : Art
Languages : en
Pages : 492
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Book Description
Author: Jacques Crémer
Publisher: Taylor & Francis
ISBN: 9783718650729
Category : Business & Economics
Languages : en
Pages : 130
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Book Description
First Published in 1991. Routledge is an imprint of Taylor & Francis, an informa company.
Author: Torsten Persson
Publisher: Taylor & Francis
ISBN: 9783718650293
Category : Business & Economics
Languages : en
Pages : 210
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Book Description
First published in 1990. Routledge is an imprint of Taylor & Francis, an informa company.
Author: Mario J. Miranda
Publisher: MIT Press
ISBN: 9780262633093
Category : Business & Economics
Languages : en
Pages : 532
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Book Description
An introduction to the use of computational methods to solve problems in economics and finance.
