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About Art of Smooth Pasting (Fundamentals of Pure and Applied Economics)
The main mathematical ideas are presented in a context with which economists will be familiar. Using a binomial approximation 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 — ''Itô'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 macro-economics and international economics.This book aims to widen the understanding and use 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 de
Detailed Information
| Author: | Avinash Dixit |
|---|---|
| Publication Year: | 1993 |
| ISBN: | 3718653842 |
| Pages: | 42 |
| Language: | English |
| File Size: | 4.33 |
| Format: | |
| Price: | FREE |
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