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The substantially revised fourth edition of a widely used text, offering both an introduction to recursive methods and advanced material, mixing tools and sample applications. Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. Recursive…
Preface to the fourth edition -- Imperialism of recursive methods -- Overview -- Tools -- Time series -- Dynamic programming -- Practical dynamic programming -- Linear quadratic dynamic programming -- Search and unemployment -- Competitive equilibria and applications -- Recursiv…
The economics literature on industry dynamics contains a wide array of empirical works identifying a set of stylized facts. There have been several attempts at constructing analytical models to explain some of these regularities. These attempts are highly stylized and limited in…
"At both a micro-information level and a macro-societal level, the concepts of "knowledge" and "wisdom" are complementary - in both decisions and in social structures and institutions. At the decision level, knowledge is concerned with how to make a proper choice of means, where…
"At both a micro-information level and a macro-societal level, the concepts of "knowledge" and "wisdom" are complementary - in both decisions and in social structures and institutions. At the decision level, knowledge is concerned with how to make a proper choice of means, where…
