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The economics of inaction : stochastic control models with fixed costs

Author: Nancy L Stokey
Publisher: Princeton : Princeton University Press, ©2009.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
"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
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Nancy L Stokey
ISBN: 9780691135052 0691135053
OCLC Number: 225852519
Description: ix, 308 pages : illustrations ; 25 cm
Contents: Ch. 1. Introduction --
pt. I. Mathematical Preliminaries --
Ch. 2. Stochastic Processes, Brownian Motions, and Diffusions --
Ch. 3. Stochastic Integrals and Ito's Lemma --
Ch. 4. Martingales --
Ch. 5. Useful Formulas for Brownian Motions --
pt. II. Impulse Control Models --
Ch. 6. Exercising an Option --
Ch. 7. Models with Fixed Costs --
Ch. 8. Models with Fixed and Variable Costs --
Ch. 9. Models with Continuous Control Variables --
pt. III. Instantaneous Control Models --
Ch. 10. Regulated Brownian Motion --
Ch. 11. Investment: Linear and Convex Adjustment Costs --
pt. IV. Aggregation --
Ch. 12. An Aggregate Model with Fixed Costs --
A. Continuous Stochastic Processes --
B. Optional Stopping Theorem.
Responsibility: Nancy L. Stokey.
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Abstract:

Shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. This book provides a treatment of two types of models,  Read more...

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"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 Read more...

 
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