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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...
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| Format: | Électronique eBook |
| Langue: | Inglés |
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Princeton :
Princeton University Press,
2009.
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| Collection: | Book collections on Project MUSE.
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| Accès en ligne: | Texto completo |
| Résumé: | 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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| Description matérielle: | 1 online resource (320 pages): illustrations |
| ISBN: | 9781400829811 |