The Economics of Inaction: Stochastic Control Models with Fixed Costs
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton, N.J.
Princeton University Press
2008
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| Schlagworte: | |
| Online-Zugang: | FAB01 FAW01 FCO01 FHA01 FKE01 FLA01 UBG01 UPA01 Volltext Volltext |
| Beschreibung: | Main description: In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management. In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases. This authoritative book will be essential reading for graduate students and researchers in macroeconomics |
| Beschreibung: | 1 Online-Ressource (320 S.) |
| ISBN: | 9781400829811 |
| DOI: | 10.1515/9781400829811 |
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Datensatz im Suchindex
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| author | Stokey, Nancy L. |
| author_facet | Stokey, Nancy L. |
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| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1515/9781400829811 |
| format | Electronic eBook |
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| indexdate | 2024-07-10T01:24:01Z |
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| isbn | 9781400829811 |
| language | English |
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| spelling | Stokey, Nancy L. Verfasser aut The Economics of Inaction Stochastic Control Models with Fixed Costs Princeton, N.J. Princeton University Press 2008 1 Online-Ressource (320 S.) txt rdacontent c rdamedia cr rdacarrier Main description: In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management. In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases. This authoritative book will be essential reading for graduate students and researchers in macroeconomics Ökonometrisches Modell (DE-588)4043212-9 gnd rswk-swf Brownsche Bewegung (DE-588)4128328-4 gnd rswk-swf Brownsche Bewegung (DE-588)4128328-4 s Ökonometrisches Modell (DE-588)4043212-9 s 1\p DE-604 https://doi.org/10.1515/9781400829811 Verlag Volltext http://www.degruyter.com/search?f_0=isbnissn&q_0=9781400829811&searchTitles=true Verlag Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Stokey, Nancy L. The Economics of Inaction Stochastic Control Models with Fixed Costs Ökonometrisches Modell (DE-588)4043212-9 gnd Brownsche Bewegung (DE-588)4128328-4 gnd |
| subject_GND | (DE-588)4043212-9 (DE-588)4128328-4 |
| title | The Economics of Inaction Stochastic Control Models with Fixed Costs |
| title_auth | The Economics of Inaction Stochastic Control Models with Fixed Costs |
| title_exact_search | The Economics of Inaction Stochastic Control Models with Fixed Costs |
| title_full | The Economics of Inaction Stochastic Control Models with Fixed Costs |
| title_fullStr | The Economics of Inaction Stochastic Control Models with Fixed Costs |
| title_full_unstemmed | The Economics of Inaction Stochastic Control Models with Fixed Costs |
| title_short | The Economics of Inaction |
| title_sort | the economics of inaction stochastic control models with fixed costs |
| title_sub | Stochastic Control Models with Fixed Costs |
| topic | Ökonometrisches Modell (DE-588)4043212-9 gnd Brownsche Bewegung (DE-588)4128328-4 gnd |
| topic_facet | Ökonometrisches Modell Brownsche Bewegung |
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