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Item Details
| Title:
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THE ART OF SMOOTH PASTING
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| By: |
A. Dixit |
| Format: |
Electronic book text |
| List price:
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£48.99 |
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We believe that this item is permanently unavailable, and so we cannot source
it.
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| ISBN 10: |
1317973739 |
| ISBN 13: |
9781317973737 |
| Publisher: |
TAYLOR & FRANCIS LTD |
| Pub. date: |
12 November, 2013 |
| Pages: |
88 |
| Synopsis: |
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. |
| Publication: |
UK |
| Imprint: |
Routledge |
| Returns: |
Non-returnable |
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