The Art of Smooth Pasting (Hardback)
  • The Art of Smooth Pasting (Hardback)
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The Art of Smooth Pasting (Hardback)

(author)
£250.00
Hardback 88 Pages / Published: 06/12/2001
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This 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.

Publisher: Taylor & Francis Ltd
ISBN: 9780415269377
Number of pages: 88
Weight: 227 g
Dimensions: 216 x 140 x 12 mm

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