Stochastic control for economic models
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Stochastic control for economic models

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Published by McGraw-Hill in New York .
Written in English

Subjects:

  • Economics -- Mathematical models.,
  • Econometrics.,
  • Stochastic control theory.

Book details:

Edition Notes

StatementDavid Kendrick.
SeriesEconomics handbook series, Economics handbook series (McGraw-Hill Book Company)
Classifications
LC ClassificationsHB141 .K44
The Physical Object
Paginationxiii, 242 p. ;
Number of Pages242
ID Numbers
Open LibraryOL4105708M
ISBN 100070339627
LC Control Number80020397

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The application of stochastic processes to the theory of economic development, stochastic control theory, and various aspects of stochastic programming is discussed. Comprised of four chapters, this book begins with a short survey of the stochastic view in economics, followed by a discussion on discrete and continuous stochastic models. COVID Resources. Reliable information about the coronavirus (COVID) is available from the World Health Organization (current situation, international travel).Numerous and frequently-updated resource results are available from this ’s WebJunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Stochastic Control for Econometric Models - PDF Free - Book. Continuous-time Stochastic Control and Optimization with Financial Applications under uncertainty, and find various applications in economics and finance. Optimal Control for Stochastic Delay Systems Under Model Uncertainty: A Stochastic Control for Econometric Models - David - - He is the author of three other books . In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control.

Stochastic models of control and economic dynamics. London ; Orlando, Fla.: Academic Press, (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: V I Arkin; I V Evstigneev; E A Medova; M A H Dempster. The paper is structured around the primary methods for solving quadratic-linear economic stochastic control models, namely open loop, classical control, handcrafted feedback rules, optimal feedback, min–max control, optimal feedback rules with parameter uncertainty and dual by: The basic concept in probability theory is that of a random variable. A random variable is a function of the basic outcomes in a probability space. To define a probability space one needs three ingredients: 1. A sample space, that is a set Sof “outcomes” for some experiment. circumstances (for example, a one-sector model is a key part of the restriction). Applications Growth The Solow growth model is an important part of many more complicated models setups in modern macroeconomic analysis. Its flrst and main use is that of understanding why output grows in the long run and what forms that growth takes.

Stochastic Growth Stochastic growth models: useful for two related reasons: 1 Range of problems involve either aggregate uncertainty or individual level uncertainty interacting with investment and growth process. 2 Wide range of applications in macroeconomics and in other areas of dynamic economic . InThe Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. This book presents the main applied aspects of stochas­ tic optimization in economic models. Stochastic processes and control theory are used under optimization to illustrate the various economic implications of optimal decision rules. Stochastic models of control and economic dynamics by V. I. Arkin, , Academic Press edition, in EnglishPages: