Forward-looking decision making : dynamic-programming models applied to health, risk, employment, and financial stability / Robert E. Hall.

Format:

Book

Author/Creator:

Hall, Robert E. (Robert Ernest), 1943-

Series:

Gorman lectures in economics.

The Gorman lectures in economics

Language:

English

Subjects (All):

Households--Decision making--Econometric models.

Households.

Families--Decision making--Econometric models.

Families.

Decision making--Econometric models.

Decision making.

Physical Description:

1 online resource (145 p.)

Edition:

Course Book

Place of Publication:

Princeton, N.J. : Princeton University Press, c2010.

Language Note:

English

System Details:

Mode of access: World Wide Web.

Summary:

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.

Contents:

Frontmatter

Contents

Foreword / Blundell, Richard

Preface

1. Basic Analysis of Forward-Looking Decision Making

2. Research on Properties of Preferences

3. Health

4. Insurance

5. Employment

6. Idiosyncratic Risk

7. Financial Stability with Government-Guaranteed Debt

References

Index

The Gorman Lectures in Economics / Blundell, Richard

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9786612569197

9781282569195

1282569198

9781400835263

1400835267

OCLC:

638860584