Cover: Recursive Methods in Economic Dynamics in HARDCOVER

Recursive Methods in Economic Dynamics

Add to Cart

Product Details

HARDCOVER

$104.50 • £83.95 • €94.00

ISBN 9780674750968

Publication Date: 10/10/1989

Short

608 pages

6-1/8 x 9-1/4 inches

27 line illustrations

World

Three eminent economists provide in this book a rigorous, self-contained 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 first-order difference equations. They then treat stochastic dynamic programming and the convergence theory of discrete-time 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, long-run 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.

Recent News

Black lives matter. Black voices matter. A statement from HUP »

From Our Blog

Book jacket: Vera Rubin: A Life, by Jacqueline Mitton and Simon Mitton, from Harvard University Press

Q&A with Jacqueline Mitton, coauthor of Vera Rubin: A Life

While astronomer Vera Rubin made significant contributions to our understanding of dark matter and championed the advancement of women in science, she is not that well known outside of the scientific community. HUP Executive Editor for Science, Janice Audet, spoke with Jacqueline Mitton, coauthor of Vera Rubin: A Life, about Rubin’s remarkable life and work and the writing of the book