{"title":"A Dixit","description":null,"products":[{"product_id":"art-of-smooth-pasting-book-a-dixit-9783718653843","title":"The Art of Smooth Pasting","description":"This book aims to widen the understanding of stochastic dynamic choice and equilibrium models. It offers a simplified and heuristic exposition of the theory of Brownian motion and its control or regulation, rendering such methods more accessible to economists who do not require a detailed, mathematical treatment of the subject.  The main mathematical ideas are presented in a context which with which economists will be familiar. Using a binomial approach to Brownian motion, the mathematics is reduced to simple algebra, progressing to some equally simple limits. The starting point of the calculus of Brownian motion - 'Ito's Lemma' - emerges by analogy with the economics of risk-aversion. Conditions for the optimal regulation of Brownian motion, including the important, but often mysterious, 'smooth pasting' condition, are derived in a similar way. Each theoretical derivation is illustrated by developing a significant economic application, drawn mainly from recent research in macroeconomics and international economics.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":55087451603317,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":55087451898229,"sku":"NIN9783718653843","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0810\/6996\/5613\/files\/3718653842.jpg?v=1739774415"}],"url":"https:\/\/stage.worldofbooks.com\/collections\/author-books-by-a-dixit.oembed","provider":"World of Books Staging","version":"1.0","type":"link"}