LEADER 03362nam 2200673 a 450 001 9910454984803321 005 20200520144314.0 010 $a1-282-15873-2 010 $a9786612158735 010 $a1-4008-2981-X 024 7 $a10.1515/9781400829811 035 $a(CKB)1000000000788550 035 $a(EBL)457920 035 $a(OCoLC)440772484 035 $a(SSID)ssj0000143695 035 $a(PQKBManifestationID)11911919 035 $a(PQKBTitleCode)TC0000143695 035 $a(PQKBWorkID)10119244 035 $a(PQKB)11645227 035 $a(MiAaPQ)EBC457920 035 $a(MdBmJHUP)muse36547 035 $a(DE-B1597)446886 035 $a(OCoLC)979741916 035 $a(DE-B1597)9781400829811 035 $a(PPN)170256936 035 $a(Au-PeEL)EBL457920 035 $a(CaPaEBR)ebr10312552 035 $a(CaONFJC)MIL215873 035 $a(EXLCZ)991000000000788550 100 $a20080410d2009 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe economics of inaction$b[electronic resource] $estochastic control models with fixed costs /$fNancy L. Stokey 205 $aCourse Book 210 $aPrinceton $cPrinceton University Press$dc2009 215 $a1 online resource (321 p.) 300 $aDescription based upon print version of record. 311 $a0-691-13505-3 320 $aIncludes bibliographical references (p. 295-302) and index. 327 $t Frontmatter -- $tContents -- $tPreface -- $t1. Introduction -- $tPart I. Mathematical Preliminaries -- $tPart II. Impulse Control Models -- $tPart III. Instantaneous Control Models -- $tPart IV. Aggregation -- $tA. Continuous Stochastic Processes -- $tB. Optional Stopping Theorem -- $tReferences -- $tIndex 330 $aIn 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. 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. 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. This authoritative book will be essential reading for graduate students and researchers in macroeconomics. 606 $aEconometric models 606 $aBrownian movements 608 $aElectronic books. 615 0$aEconometric models. 615 0$aBrownian movements. 676 $a330.01/519233 686 $a83.03$2bcl 700 $aStokey$b Nancy L$0103524 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910454984803321 996 $aThe economics of inaction$92449304 997 $aUNINA