{"product_id":"the-art-of-smooth-pasting-a-dixit-9780415269377","title":"The Art of Smooth Pasting","description":"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.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e A. Dixit\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0415269377\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780415269377\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Routledge\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 12\/06\/2001\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 88\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.50lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 8.82h x 5.58w x 0.49d","brand":"A. Dixit","offers":[{"title":"Hardcover","offer_id":48064887718143,"sku":"9780415269377","price":425.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_67e232c2-1854-4bfd-92c2-bf68fac79ebf.jpg?v=1768671707","url":"https:\/\/www.whiterainbookhouse.com\/products\/the-art-of-smooth-pasting-a-dixit-9780415269377","provider":"WR Book House","version":"1.0","type":"link"}