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The economics of inaction : stochastic control models with fixed costs /
In 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 evide...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Princeton :
Princeton University Press,
©2009.
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| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | In 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. |
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| Descripción Física: | 1 online resource (ix, 308 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 295-302) and index. |
| ISBN: | 9781400829811 140082981X 1282158732 9781282158733 |