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The Economics of Inaction: Stochastic Control Models with Fixed Costs Hardcover – November 9, 2008

ISBN-13: 978-0691135052 ISBN-10: 0691135053

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Product Details

  • Hardcover: 320 pages
  • Publisher: Princeton University Press (November 9, 2008)
  • Language: English
  • ISBN-10: 0691135053
  • ISBN-13: 978-0691135052
  • Product Dimensions: 1 x 6.2 x 9.2 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #663,485 in Books (See Top 100 in Books)

Editorial Reviews

Review

"The presentation of all these problems and solutions is impeccably precise, perfectly appropriate for textbook use in a taught course, and suitable for independent reading by readers with standard mathematical and economic background."--Giuseppe Bertola, Journal of Economic Literature

From the Inside Flap

"Fixed adjustment costs are pervasive in economic modeling and until this book there was no place where the needed tools were developed in a way that was accessible to a broad group of economists. Now there is. This brilliantly lucid book is self-contained, first developing the mathematical preliminaries and then using the tools in a number of illustrative economic applications. I advise economists to add this book to their bookshelf."--Edward C. Prescott, Nobel Laureate in Economics

"Stochastic control problems arise everywhere in modern economics. The Economics of Inaction gives a wonderful treatment for students and practitioners alike. It is rigorous yet clear, concise yet thorough. Inaction would not be the optimal decision about this book: read it now!"--Avinash Dixit, Princeton University

"Nancy Stokey has given us a clear, elegant, and rigorous distillation of why and how we should delay action until the status of a decision problem changes enough. By combining the mathematical apparatus with a wealth of applications to production, macroeconomics, and other fields, this book immediately becomes the definitive treatment. It will be the stepping stone into the subject for almost every interested researcher."--Darrell Duffie, Graduate School of Business, Stanford University


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Most Helpful Customer Reviews

3 of 4 people found the following review helpful By Asaf on December 8, 2009
Format: Hardcover Verified Purchase
Great treatment of stochastic optimal control for economics. The book is more general than the title suggests, that is it goes far beyond models with costs of adjustment.
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By FFnix on August 20, 2013
Format: Hardcover
First I have to say this is a great book. I have read four chapters and really enjoy the compact treatment of notations, making it very suitable for someone with a solid math background to review the relevant concepts in probability and stochastic processes. I cut one star because of some typos in the formula, and some parts of the proof not clear enough, which makes it not self-contained as claimed.
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1 of 28 people found the following review helpful By Edoardo Angeloni on April 24, 2009
Format: Hardcover Verified Purchase
The book talks about the macroeconomic model and is founded by the use of stopping methods and the Bellmann-Hamilton equation. The last equation is important because the sthocastic theory is related to traditional analysis. The use of integral calculus allows to minimize the functionals.
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