Individuals and families make key decisions that impact many
aspects of financial stability and determine the future of the
economy. These decisions involve balancing current sacrifice
against future benefits. People have to decide how much to invest
in health care, exercise, their diet, and insurance. They must
decide how much debt to take on, and how much to save. And they
make choices about jobs that determine employment and unemployment
levels. "Forward-Looking Decision Making" is about modeling this
individual or family-based decision making using an optimizing
dynamic programming model.
Robert Hall first reviews ideas about dynamic programs and
introduces new ideas about numerical solutions and the
representation of solved models as Markov processes. He surveys
recent research on the parameters of preferences--the intertemporal
elasticity of substitution, the Frisch elasticity of labor supply,
and the Frisch cross-elasticity. He then examines dynamic
programming models applied to health spending, long-term care
insurance, employment, entrepreneurial risk-taking, and consumer
debt.
Linking theory with data and applying them to real-world
problems, "Forward-Looking Decision Making" uses dynamic
optimization programming models to shed light on individual
behaviors and their economic implications.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!