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The Economics of Inaction Stochastic Control Models with Fixed Costs 1st Edition by Nancy Stokey 9781400829811 140082981X

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The Economics of Inaction Stochastic Control Models with Fixed Costs Nancy L. Stokey Digital Instant Download

Author(s): Nancy L. Stokey
ISBN(s): 9781400829811, 140082981X
Edition: Course Book
File Details: PDF, 1.93 MB
Year: 2008
Language: english
SKU: EB-51952018 Category: Tag:

The Economics of Inaction Stochastic Control Models with Fixed Costs 1st Edition by Nancy Stokey – Ebook PDF Instant Download/Delivery: 9781400829811, 140082981X

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Product details:

ISBN 10: 140082981X

ISBN 13: 9781400829811

Author: Nancy L. Stokey

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.

Table of contents:

Chapter 1: Introduction

Part 1: Mathematical Preliminaries
Chapter 2: Stochastic Processes, Brownian Motions, and Diffusions
Chapter 3: Stochastic Integrals and Ito’s Lemma
Chapter 4: Martingales
Chapter 5: Useful Formulas for Brownian Motions

Part 2: Impulse Control Models
Chapter 6: Exercising an Option
Chapter 7: Models with Fixed Costs
Chapter 8: Models with Fixed and Variable Costs
Chapter 9: Models with Continuous Control Variables

Part 3: Instantaneous Control Models
Chapter 10: Regulated Brownian Motion
Chapter 11: Investment: Linear and Convex Adjustment Costs

Part 4: Aggregation
Chapter 12: An Aggregate Model with Fixed Costs

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Tags: Nancy Stokey, Economics, Inaction, Stochastic