{"title":"Nancy L. Stokey","description":"\u003cp\u003eNancy L. Stokey’s works delve deeply into the mathematical and theoretical foundations of economic dynamics. Readers can expect rigorous explorations of recursive methods and advanced economic modelling, ideal for those pursuing higher education or professional study in economic theory.\u003c\/p\u003e\n\n\u003cp\u003eHer books offer a precise and structured approach to understanding complex economic phenomena, combining clarity with sophisticated analysis. Suitable for academics and students seeking a thorough grounding in dynamic economic systems, these texts serve as essential references within the Education \u0026amp; Reference category.\u003c\/p\u003e","products":[{"product_id":"recursive-methods-in-economic-dynamics-by-nancy-l-stokey-9780674750968","title":"Recursive Methods in Economic Dynamics","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eThree eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott develop the basic methods of recursive analysis and emphasise the many areas where they can usefully be applied.\u003c\/p\u003e\n\n\u003cp\u003eAfter presenting an overview of the recursive approach, the authors develop economic applications for deterministic dynamic programming and the stability theory of first-order difference equations. They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illustrating each with additional economic applications. They also derive a strong law of large numbers for Markov processes. Finally, they present the two fundamental theorems of welfare economics and show how to apply the methods developed earlier to general equilibrium systems.\u003c\/p\u003e\n\n\u003cp\u003eThe authors go on to apply their methods to many areas of economics. Models of firm and industry investment, household consumption behaviour, long-run growth, capital accumulation, job search, job matching, inventory behaviour, asset pricing, and money demand are among those they use to show how predictions can be made about individual and social behaviour. Researchers and graduate students in many areas of economics, both theoretical and applied, will find this book essential.\u003c\/p\u003e\n\n\u003cp\u003e\u003cem\u003eRecursive Methods in Economic Dynamics\u003c\/em\u003e is a key resource for those seeking to understand the application of recursive methods in various economic models, making it invaluable for expanding both theoretical and applied economic knowledge.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Unknown","offers":[{"title":"Default Title","offer_id":47471445082348,"sku":"9780674750968","price":209.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9780674750968-recursive-methods-in-economic-dynamics.jpg?v=1775243421"}],"url":"https:\/\/bookhero.co.nz\/collections\/nancy-l-stokey.oembed","provider":"Book Hero","version":"1.0","type":"link"}