TY - BOOK ID - 8562573 TI - The economics of inaction : stochastic control models with fixed costs. PY - 2009 SN - 9780691135052 0691135053 9786612158735 1282158732 140082981X 9781400829811 9781282158733 PB - Princeton Princeton university DB - UniCat KW - Modèles économétriques KW - Mouvement brownien KW - AA / International- internationaal KW - 305.970 KW - 305.971 KW - Econometric models KW - Brownian movements KW - 330.01519233 KW - Capillarity KW - Liquids KW - Matter KW - Econometrics KW - Mathematical models KW - Algemeenheden: Autoregression and moving average representation. ARIMA. ARMAX. Lagrange multiplier. Wald. Function (mis) specification. Autocorrelation. Homoscedasticity. Heteroscedasticity. ARCH. GARCH. Integration and co-integration. Unit roots. KW - Speciale gevallen in econometrische modelbouw. KW - Properties KW - Econometric models. KW - Brownian movements. KW - E-books KW - Modèles économétriques. KW - Mouvement brownien. KW - Algemeenheden: Autoregression and moving average representation. ARIMA. ARMAX. Lagrange multiplier. Wald. Function (mis) specification. Autocorrelation. Homoscedasticity. Heteroscedasticity. ARCH. GARCH. Integration and co-integration. Unit roots KW - Speciale gevallen in econometrische modelbouw UR - https://www.unicat.be/uniCat?func=search&query=sysid:8562573 AB - 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 uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases. This authoritative book will be essential reading for graduate students and researchers in macroeconomics. ER -