Art of Smooth Pasting (Fundamentals of Pure and Applied Economics) by Avinash Dixit

Art of Smooth Pasting (Fundamentals of Pure and Applied Economics)



Download Art of Smooth Pasting (Fundamentals of Pure and Applied Economics)




Art of Smooth Pasting (Fundamentals of Pure and Applied Economics) Avinash Dixit
Language: English
Page: 42
Format: pdf
ISBN: 3718653842, 9783718653843
Publisher: Routledge

The main mathematical ideas are presented in a context with which economists will be familiar. Using a binomial approximation 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 — ''Itô'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 macro-economics and international economics.This book aims to widen the understanding and use 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 de

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