The Economics of Inaction: Stochastic Control Models with Fixed Costs Hardcover - 2008
by Nancy L. Stokey
From the publisher
From the rear cover
"Fixed adjustment costs are pervasive in economic modeling and until this book there was no place where the needed tools were developed in a way that was accessible to a broad group of economists. Now there is. This brilliantly lucid book is self-contained, first developing the mathematical preliminaries and then using the tools in a number of illustrative economic applications. I advise economists to add this book to their bookshelf."--Edward C. Prescott, Nobel Laureate in Economics
"Stochastic control problems arise everywhere in modern economics. The Economics of Inaction gives a wonderful treatment for students and practitioners alike. It is rigorous yet clear, concise yet thorough. Inaction would not be the optimal decision about this book: read it now!"--Avinash Dixit, Princeton University
"Nancy Stokey has given us a clear, elegant, and rigorous distillation of why and how we should delay action until the status of a decision problem changes enough. By combining the mathematical apparatus with a wealth of applications to production, macroeconomics, and other fields, this book immediately becomes the definitive treatment. It will be the stepping stone into the subject for almost every interested researcher."--Darrell Duffie, Graduate School of Business, Stanford University
Details
- Title The Economics of Inaction: Stochastic Control Models with Fixed Costs
- Author Nancy L. Stokey
- Binding Hardcover
- Pages 320
- Volumes 1
- Language ENG
- Publisher Princeton University Press
- Date 2008-11-09
- Features Bibliography, Dust Cover, Index, Table of Contents
- ISBN 9780691135052 / 0691135053
- Weight 1.3 lbs (0.59 kg)
- Dimensions 9.2 x 6.3 x 1.1 in (23.37 x 16.00 x 2.79 cm)
-
Themes
- Aspects (Academic): Economic
- Library of Congress subjects Econometric models, Brownian movements
- Library of Congress Catalog Number 2008062109
- Dewey Decimal Code 330.015
Media reviews
Citations
- Chronicle of Higher Education, 11/28/2008, Page 17
About the author
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