The Economics of Inaction: Stochastic Control Models with Fixed Costs by Stokey, Nancy L. pdf clrz
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The Economics of Inaction: Stochastic Control Models with Fixed Costs by Stokey, Nancy L. pdf
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The Economics of Inaction: Stochastic Control Models with Fixed Costs by Stokey, Nancy L. is a seminal work in the field of economics that explores the implications of fixed costs on decision-making. Stokey presents stochastic control models that incorporate fixed costs into the analysis, providing a comprehensive framework for understanding the trade-offs involved in taking action versus remaining inactive. The book delves into various real-world applications, such as investment, production, and pricing decisions, to demonstrate how fixed cost