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This book describes recursive models applied to theoretical questions in monetary policy, fiscal policy, taxation, economic growth, search theory, and labor economics. In investment and finance, Avinash Dixit and Robert Pindyck showed the value of the method for thinking about capital budgeting, in particular showing how it was theoretically ...
Nöldeke and Schmidt (1995) argued that the underinvestment problem due to the hold-up problem is eliminated if parties are able to write a simple option contract. Such a contract gives the seller the right but not the obligation to deliver a fixed quantity of the good and also makes the contractual payment of the buyer dependent on the ...
Whereas Marshallian demand comes from the Utility Maximization Problem, Hicksian Demand comes from the Expenditure Minimization Problem. The two problems are mathematical duals, and hence the Duality Theorem provides a method of proving the relationships described above. The Hicksian demand function is intimately related to the expenditure ...
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Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Financial economics studies how rational investors would apply decision theory to investment management.The subject is thus built on the foundations of microeconomics and derives several key results for the application of decision making under uncertainty to the financial markets.
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...