Economics of Inaction Stokey Nancy L.
Economics of Inaction Stokey Nancy L. In economic situations where action entails a fixed cost, inaction is the norm. Interest in economic models that exhibit ''lumpy'' behavior of this kind has…
Specifikacia Economics of Inaction Stokey Nancy L.
Economics of Inaction Stokey Nancy L.
In economic situations where action entails a fixed cost, inaction is the norm. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management.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. Action is taken infrequently, and adjustments are large when they occur.
She presents the relevant results about Brownian motion and other diffusion processes, develops methods for Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control.
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