The Art of Smooth Pasting
eBook - ePub

The Art of Smooth Pasting

  1. 88 pages
  2. English
  3. ePUB (mobile friendly)
  4. Available on iOS & Android
eBook - ePub

The Art of Smooth Pasting

Book details
Table of contents
Citations

About This Book

This book aims to widen the understanding of stochastic dynamic choice and equilibrium models. It offers a simplified and heuristic exposition of the theory of Brownian motion and its control or regulation, rendering such methods more accessible to economists who do not require a detailed, mathematical treatment of the subject.
The main mathematical ideas are presented in a context which with which economists will be familiar. Using a binomial approach to Brownian motion, the mathematics is reduced to simple algebra, progressing to some equally simple limits. The starting point of the calculus of Brownian motion - 'Ito's Lemma' - emerges by analogy with the economics of risk-aversion. Conditions for the optimal regulation of Brownian motion, including the important, but often mysterious, 'smooth pasting' condition, are derived in a similar way. Each theoretical derivation is illustrated by developing a significant economic application, drawn mainly from recent research in macroeconomics and international economics.

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Yes, you can access The Art of Smooth Pasting by A. Dixit in PDF and/or ePUB format, as well as other popular books in Business & Business General. We have over one million books available in our catalogue for you to explore.

Information

Publisher
Routledge
Year
2013
ISBN
9781317973720
Edition
1
Topic
Business
Subtopic
Business General
Index
Business

Table of contents

  1. Cover
  2. Title
  3. Copyright
  4. Original Title
  5. Original Copyright
  6. Contents
  7. Introduction to the Series
  8. Preface
  9. 1. Brownian Motion
  10. 2. Discounted Present Values
  11. 3. Barriers
  12. 4. Optimal Control and Regulation
  13. 5. Generalizations
  14. 6. Some Characterization of Optimal Paths
  15. References
  16. Index