9780674750968-0674750969-Recursive Methods in Economic Dynamics

Recursive Methods in Economic Dynamics

ISBN-13: 9780674750968
ISBN-10: 0674750969
Edition: First Edition
Author: Robert E. Lucas Jr., Nancy L. Stokey
Publication date: 1989
Publisher: Harvard University Press
Format: Hardcover 608 pages
Category: Economics
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ISBN-13: 9780674750968
ISBN-10: 0674750969
Edition: First Edition
Author: Robert E. Lucas Jr., Nancy L. Stokey
Publication date: 1989
Publisher: Harvard University Press
Format: Hardcover 608 pages
Category: Economics

Summary

Recursive Methods in Economic Dynamics (ISBN-13: 9780674750968 and ISBN-10: 0674750969), written by authors Robert E. Lucas Jr., Nancy L. Stokey, was published by Harvard University Press in 1989. With an overall rating of 3.6 stars, it's a notable title among other Economics books. You can easily purchase or rent Recursive Methods in Economic Dynamics (Hardcover, Used) from BooksRun, along with many other new and used Economics books and textbooks. And, if you're looking to sell your copy, our current buyback offer is $24.58.

Description

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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