A beginner s guide to stochastic growth modeling The chief
advantage of stochastic growth models over deterministic models is
that they combine both deterministic and stochastic elements of
dynamic behaviors, such as weather, natural disasters, market
fluctuations, and epidemics. This makes stochastic modeling a
powerful tool in the hands of practitioners in fields for which
population growth is a critical determinant of outcomes. However,
the background requirements for studying SDEs can be daunting for
those who lack the rigorous course of study received by math
majors. Designed to be accessible to readers who have had only a
few courses in calculus and statistics, this book offers a
comprehensive review of the mathematical essentials needed to
understand and apply stochastic growth models. In addition, the
book describes deterministic and stochastic applications of
population growth models including logistic, generalized logistic,
Gompertz, negative exponential, and linear. Ideal for students and
professionals in an array of fields including economics, population
studies, environmental sciences, epidemiology, engineering,
finance, and the biological sciences, Stochastic Differential
Equations: An Introduction with Applications in Population Dynamics
Modeling: Provides precise definitions of many important terms and
concepts and provides many solved example problems Highlights the
interpretation of results and does not rely on a theorem-proof
approach Features comprehensive chapters addressing any background
deficiencies readers may have and offers a comprehensive review for
those who need a mathematics refresher Emphasizes solution
techniques for SDEs and their practical application to the
development of stochastic population models An indispensable
resource for students and practitioners with limited exposure to
mathematics and statistics, Stochastic Differential Equations: An
Introduction with Applications in Population Dynamics Modeling is
an excellent fit for advanced undergraduates and beginning graduate
students, as well as practitioners who need a gentle introduction
to SDEs. Michael J. Panik, PhD, is Professor in the Department of
Economics, Barney School of Business and Public Administration at
the University of Hartford in Connecticut. He received his PhD in
Economics from Boston College and is a member of the American
Mathematical Society, The American Statistical Association, and The
Econometric Society.
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