{"product_id":"the-art-of-smooth-pasting-harwood-fundamentals-of-pure-and-applied-economics-0415269377","title":"The Art of Smooth Pasting (Harwood Fundamentals of Pure and Applied Economics)","description":"\u003cp\u003e\u003cstrong\u003eISBN:\u003c\/strong\u003e 0415269377\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eAuthor:\u003c\/strong\u003e Dixit, A.\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eCondition:\u003c\/strong\u003e New\u003c\/p\u003e\u003cp\u003eThis book aims to widen the understanding of stochastic dynamic choice and equilibrium models. It offers a simplified and heuristic exposition of the theory of Brownian motion and its control or regulation, rendering such methods more accessible to economists who do not require a detailed, mathematical treatment of the subject.The main mathematical ideas are presented in a context which with which economists will be familiar. Using a binomial approach to Brownian motion, the mathematics is reduced to simple algebra, progressing to some equally simple limits. The starting point of the calculus of Brownian motion - 'Ito's Lemma' - emerges by analogy with the economics of risk-aversion. Conditions for the optimal regulation of Brownian motion, including the important, but often mysterious, 'smooth pasting' condition, are derived in a similar way. Each theoretical derivation is illustrated by developing a significant economic application, drawn mainly from recent research in macroeconomics and international economics.\u003c\/p\u003e","brand":"Mia Karts","offers":[{"title":"Default Title","offer_id":51863037477152,"sku":"NEW0415269377","price":622.16,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0980\/7426\/3840\/files\/51tdOBLbihL.jpg?v=1781637544","url":"https:\/\/miakarts.com\/products\/the-art-of-smooth-pasting-harwood-fundamentals-of-pure-and-applied-economics-0415269377","provider":"Miakarts Books","version":"1.0","type":"link"}