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Recursive Methods In Economic Dynamics

Recursive Methods In Economic Dynamics

Recursive Methods In Economic Dynamics
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Recursive Methods In Economic Dynamics Hardback - 1989

by Nancy L Stokey, Robert E, Jr Lucas, Edward C Prescott,

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  • Title Recursive Methods In Economic Dynamics
  • Author Nancy L Stokey, Robert E, Jr Lucas, Edward C Prescott,
  • Binding Hardback
  • Edition [ Edition: First
  • Condition New
  • Pages 608
  • Volumes 1
  • Language ENG
  • Publisher Harvard University Press, London
  • Publication date 1989-10-10
  • Features Bibliography, Dust Cover, Index
  • Bookseller's Inventory # 598730
  • ISBN 9780674750968 / 0674750969
  • Weight 2.13 lbs (0.97 kg)
  • Dimensions 9.5 x 6.58 x 1.79 in (24.13 x 16.71 x 4.55 cm)
  • Category Business / Economics / Finance
  • Library of Congress subjects Economics, Mathematical, Recursive functions
  • Library of Congress Catalogue Number 88037681
  • Dewey Decimal Code 330.015
  • Quantity available 3

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From the publisher

Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott develop the basic methods of recursive analysis and emphasize 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 present the two fundamental theorems of welfare economics and show how to apply the methods developed earlier to general equilibrium systems.

The authors go on to apply their methods to many areas of economics. Models of firm and industry investment, household consumption behavior, long-run growth, capital accumulation, job search, job matching, inventory behavior, asset pricing, and money demand are among those they use to show how predictions can be made about individual and social behavior. Researchers and graduate students in many areas of economics, both theoretical and applied, will find this book essential.

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