This work provides a valuable review of the most important developments in economic theory and application over the last decade. Comprising twenty-seven specially commissioned overviews, the volume presents a comprehensive and student-friendly guide to contemporary economics. Previously published by Routledge as part of the Companion to Contemporary Economic Thought, these essays are made available here for the first time in a concise paperback edition. A Guide to Modern Economics will be a valuable guide to all those who wish to familiarize themselves with the most recent developments in the discipline.On the surface such problems look distinctly different from one-off (static) choice problems of the type considered so far. ... with p2q5u(a5)+p2(1aq5)u(b5)+(1ap2) q7u(a7)+(1ap2)(1aq7)u(b7) This is precisely as though we were imputing expected ... The outcome of this line of reasoning is that we can use the expected utility theorem to solve the dynamic choice problem of Figure 5.3 by backward induction.
|Title||:||A Guide to Modern Economics|
|Author||:||Michael Bleaney, Prof David Greenaway|
|Publisher||:||Routledge - 1996-07-04|