{"product_id":"the-economics-of-inaction-stochastic-control-models-with-fixed-costs-9780691135052","title":"The Economics of Inaction: Stochastic Control Models with Fixed Costs","description":"\u003cp\u003eIn economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. 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. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e In \u003ci\u003eThe Economics of Inaction\u003c\/i\u003e, 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. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases. \u003cp\u003e\u003c\/p\u003e This authoritative book will be essential reading for graduate students and researchers in macroeconomics.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Nancy L. Stokey\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Princeton University Press\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 11\/09\/2008\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 320\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.30lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.20h x 6.30w x 1.10d\u003cbr\u003e\u003cb\u003eISBN:\u003c\/b\u003e 9780691135052\u003cbr\u003e\u003cbr\u003e\u003cb\u003eReview Citation(s): \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eChronicle of Higher Education\u003c\/i\u003e 11\/28\/2008 pg. 17\u003cbr\u003e\u003cp\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eNancy L. Stokey\u003c\/b\u003e is the Frederick Henry Prince Professor of Economics at the University of Chicago. She is the author, with Robert Lucas and Edward Prescott, of\u003ci\u003e Recursive Methods in Economic Dynamics\u003c\/i\u003e.\u003cbr\u003e\u003c\/p\u003e","brand":"Princeton University Press","offers":[{"title":"Hardcover","offer_id":40509888331891,"sku":"9.78069E+12","price":138.02,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0555\/9255\/0515\/products\/img_dfc4d4a0-1aec-4492-a48c-badd8efa312e.jpg?v=1665580781","url":"https:\/\/bookstorenmore.com\/products\/the-economics-of-inaction-stochastic-control-models-with-fixed-costs-9780691135052","provider":"Bookstore N More","version":"1.0","type":"link"}