£345.00

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£345 for 30 days straight · last change was Sep 2026

Routledge The Art of Smooth Pasting (Harwood Fundamentals of Pure and Applied Economics)

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£441.20 £142.88 £207.97 £273.06 £338.14 £403.23 £468.32 25 July 2026 15 August 2026 05 September 2026 26 September 2026 18 October 2026
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Price range: £170 - £441

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Description

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.

Product Specifications

Format
hardcover
Domain
Amazon UK
Release Date
06 December 2001
Listed Since
09 February 2007

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