000			02933nam a2200301Ia 4500
003			ISI Library, Kolkata
005			20241119170221.0
008			131223s9999 xx 000 0 und d
020			_a0674750969
040			_aISI Library _bEnglish
041			_aEnglish
082	0	4	_a330.0151 _bSt874
100	1		_aStokey, Nancy L _eauthor
245	1	0	_aRecursive methods in economic dynamics/ _c Nancy L. Stokey, Robert E. Lucas Jr, with Edward C. Prescott
260			_aCambridge: _bHarvard University Press, _c1989
300			_axviii, 588 pages; _bdig.; _c25.5 cm.
504			_aIncludes index, references and index of theorems
505	0		_aIntroduction -- An overview -- Mathematical Preliminaries -- Dynamic Programming under Certainty -- Applications of Dynamic Programming under Certainty -- Deterministic Dynamics -- Measure Theory and Integration -- Markov Process -- Stochastic dynamic Programming -- Applications of Stochastic Dynamic Programming -- Strong Convergence of Markov Processes -- Weak Convergence of Markov Processes -- Applications o convergence Results for Markov Processes -- Laws of Large Numbers -- Pareto Optima and Competitive Equilibria -- Applications of Equilibrium Theory -- Fixed- Point Arguments -- Equilibria in Systems with Distortions
520			_aThree 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.
650		4	_aEconomics
650		4	_aEconomics mathematics
650		4	_aDynamic programming
650		4	_aBusiness & Economics
650		4	_aRecursive method
700	1		_aLucas, Jr., Robert E _eauthor
700	1		_aPrescott, Edward C. _eauthor
942			_cBK _2ddc
999			_c16392 _d16392