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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.
Title: The Art of Smooth Pasting (Harwood ...
Publication Date: 2002
Book Condition: Used: Good
Book Description Routledge, 2017. Hardback. Book Condition: NEW. 9780415269377 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. Print on Demand title, produced to the highest standard, and there would be a delay in dispatch of around 10 working days. Bookseller Inventory # HTANDREE0244641
Book Description Routledge, 2002. Hardcover. Book Condition: New. Bookseller Inventory # DADAX0415269377
Book Description Routledge, 2002. Hardcover. Book Condition: Good. 1. Ships with Tracking Number! INTERNATIONAL WORLDWIDE Shipping available. May not contain Access Codes or Supplements. Buy with confidence, excellent customer service!. Bookseller Inventory # 0415269377
Book Description Book Condition: Good. H: Economic Modelling: The Art of Smooth Pasting (Harwood Fundamentals of Pure and Applied Economics). Bookseller Inventory # Grb0938833