Forward-Looking Decision Making (eBook)

Dynamic Programming Models Applied to Health, Risk, Employment, and Financial Stability

Robert E. Hall (Autor)

eBook Download: PDF

2010
152 Seiten
Princeton University Press (Verlag)
978-1-4008-3526-3 (ISBN)

Infos

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.

Autor

Robert E. Hall is the Robert and Carole McNeil Professor of Economics and Hoover Senior Fellow at Stanford University. He is the author of The Rational Consumer, Booms and Recessions in a Noisy Economy, and Digital Dealing.

Produkt-Details

• Erscheint lt. Verlag: 8.2.2010
• Reihe/Serie: The Gorman Lectures in Economics
• Reihe/Serie: The Gorman Lectures in Economics
• Zusatzinfo: 30 line illus.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Mathematik / Informatik ► Mathematik ► Angewandte Mathematik
• Themenwelt: Mathematik / Informatik ► Mathematik ► Finanz- / Wirtschaftsmathematik
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Ökonometrie
• Schlagworte: Actuarial Value • adverse selection • Amy Finkelstein • Annuity • Annuity (American) • assisted living • Behavioral Economics • bellman equation • budget constraint • Business Cycle • Calculation • Capital Asset Pricing Model • cohort analysis • consumer choice • Consumer Expenditure Survey • Consumption (Economics) • demand • Demand curve • discounting • Dynamic Programming • Econometric model • Economic equilibrium • Economics • economist • economy • Economy of the United States • Elasticity of Intertemporal Substitution • Elasticity of substitution • Employment • Entrepreneurship • Equal Weight • expected value • Family Economics • family income • Frisch elasticity of labor supply • Fundamental Analysis • Household • income • inference • insurance • Interest Rate • Intertemporal Choice • Investment • Investor • Labour Supply • Latent Variable • Life Expectancy • Longevity • Long run and short run • Long-term care insurance • Macroeconomics • Marginal cost • Marginal product • Marginal product of labor • Marginal propensity to consume • marginal rate of substitution • marginal utility • Market Clearing • Markov Chain • Markov process • Mathematical Optimization • Medicaid • mortality rate • National Bureau of Economic Research • percentile • permanent income hypothesis • Policy • Preference (economics) • Present Value • Pricing • Probability • Probability of Default • Production Function • Productivity • Public Company • Recession • Retirement • Return on assets • Richard Blundell • Risk Aversion • Risk Premium • Robert Solow • salary • sampling error • saving • standard deviation • Supply (economics) • Tax • time preference • Time Value of Money • Unemployment • Utility • Value of Life • Value of Time • Venture Capital • wage • Wealth • welfare • Willingness to pay • year
• ISBN-10: 1-4008-3526-7 / 1400835267
• ISBN-13: 978-1-4008-3526-3 / 9781400835263