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This text provides an introduction to the modern theory of economic dynamics, with emphasis on mathematical and computational techniques for modeling dynamic systems. Written to be both rigorous and engaging, the book shows how sound understanding of the underlying theory leads to effective algorithms for solving real world problems. The material makes extensive use of programming examples to illustrate ideas. These programs help bring to life the abstract concepts in the text. Background in computing and analysis is offered for readers without programming experience or upper-level mathematics. Topics covered in detail include nonlinear dynamic systems, finite-state Markov chains, stochastic dynamic programming, stochastic stability and computation of equilibria. The models are predominantly nonlinear, and the emphasis is on studying nonlinear systems in their original form, rather than by means of rudimentary approximation methods such as linearization. Much of the material is new to economics and improves on existing techniques. For graduate students and those already working in the field, Economic Dynamics will serve as an essential resource.

Mathematical control systems --- Statics and dynamics (Social sciences) --- Economics --- Mathematical models --- AA / International- internationaal --- 330.3 --- -Economics --- -330.01519 --- Economic theory --- Political economy --- Social sciences --- Economic man --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics. --- Statique et dynamique (sciences sociales) --- Économie politique --- Programmation dynamique --- Dynamic programming. --- Modèles mathématiques --- Programmation dynamique. --- Modèles mathématiques. --- Mathematical models. --- 330.01519 --- Economics, Mathematical --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Statics and dynamics (Social sciences) - Mathematical models --- Economics - Mathematical models --- Économie politique --- Modèles mathématiques.

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This book grew out of the teaching and lecture notes for a course in "Dynamic Economics" given at Copenhagen University where it has been part of a combined study program in economics and mathematics since 1986. The subjects in the course have varied over time but a common theme has been the study of economies over time and under uncertainty in the form of incomplete markets and the overlapping generations model. When I took up a position at Lund University in 1996 Mich Tvede took over responsibility for the course and together we developed a large part of the material, which formed the basis for the present book. He has generously allowed me to use all of our common material. There is a considerable overlap between general equilibrium theory with incomplete markets (GEI), finance and macroeconomic theory, which sterns from the considerations of time and uncertainty, as can be seen from the splendid textbooks by LeRoy and Werner [2001], Pliska [1997] and the seminal work on GEI by Magill and Quinzee [1996], in partic­ ular its "Historical Remarks" which off er a brilliant history of modern economic theory. The exposition here airns at making some of the results of GEI and on overlapping generations (OG) economies readily available to areader acquainted with economic theory at an upper undergraduate level.

AA / International- internationaal --- 305.971 --- Equilibrium (Economics) --- -Statics and dynamics (Social sciences) --- -Time and economic relations --- -Uncertainty --- -330.015195 --- Reasoning --- Speciale gevallen in econometrische modelbouw. --- Mathematical models --- Time and economic reations --- Statics and dynamics (Social sciences) --- Uncertainty --- 330.015195 --- Speciale gevallen in econometrische modelbouw --- Economic theory. --- Economics, Mathematical . --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Quantitative Finance. --- Economics --- Mathematical economics --- Econometrics --- Mathematics --- Economic theory --- Political economy --- Social sciences --- Economic man --- Methodology --- Equilibrium (Economics) - Mathematical models --- Statics and dynamics (Social sciences) - Mathematical models --- Time and economic reations - Mathematical models --- Uncertainty - Mathematical models