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Recursive Methods in Economic Dynamics,Used
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Three eminent economists provide in this book a rigorous, selfcontained 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 firstorder difference equations. They then treat stochastic dynamic programming and the convergence theory of discretetime 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, longrun 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.
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- Q: What is the main subject of 'Recursive Methods in Economic Dynamics'? A: The book provides a rigorous treatment of modern economic dynamics, focusing on recursive analysis methods and their applications in economics.
- Q: Who are the authors of this book? A: The authors are Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott, who are eminent economists in the field.
- Q: What topics are covered in the book? A: Topics include deterministic dynamic programming, stochastic dynamic programming, stability theory, Markov processes, welfare economics, and various economic applications.
- Q: Is this book suitable for beginners in economics? A: The book is intended for researchers and graduate students, so a foundational understanding of economic concepts may be beneficial for readers.
- Q: What is the format of the book? A: The book is available in hardcover format and consists of 608 pages.
- Q: When was 'Recursive Methods in Economic Dynamics' published? A: The book was published on October 10, 1989.
- Q: Does the book include practical examples or applications? A: Yes, it illustrates concepts with various economic applications, including models of consumption behavior, investment, and asset pricing.
- Q: What is the significance of recursive methods in economics? A: Recursive methods are significant because they allow for the analysis and prediction of dynamic systems in economics, enhancing understanding of behavior over time.
- Q: Are there any prerequisites for understanding the material in this book? A: A background in economic theory and familiarity with advanced quantitative methods would be helpful for comprehending the material.
- Q: What edition of the book is available? A: This is the First Edition of 'Recursive Methods in Economic Dynamics'.