{"product_id":"recursive-models-of-dynamic-linear-economies-9780691042770","title":"Recursive Models of Dynamic Linear Economies","description":"\u003cp\u003e\u003cb\u003eA guide to the economic modeling of household preferences, from two leaders in the field\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eA common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In \u003ci\u003eRecursive Models of Dynamic Linear Economies\u003c\/i\u003e, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing. The models are cast in terms of a representative consumer. While Hansen and Sargent demonstrate the analytical benefits acquired when an analysis with a representative consumer is possible, they also characterize the restrictiveness of assumptions under which a representative household justifies a purely aggregative analysis. \u003cp\u003e\u003c\/p\u003eHansen and Sargent unite economic theory with a workable econometrics while going beyond and beneath demand and supply curves for dynamic economies. They construct and apply competitive equilibria for a class of linear-quadratic-Gaussian dynamic economies with complete markets. Their book, based on the 2012 Gorman lectures, stresses heterogeneity, aggregation, and how a common structure unites what superficially appear to be diverse applications. An appendix describes MATLAB programs that apply to the book's calculations.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003eThomas J. Sargent, winner of 211 Nobel Prize in Economics and William R. Berkley Professor of Economics and Business. Lars Peter Hansen, co-winner of 213 Nobel Prize in Economics.\u003cbr\u003e","brand":"Princeton University Press","offers":[{"title":"Default Title","offer_id":50327130767634,"sku":"9780691042770","price":62.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_48832d94-4848-41d6-ac13-056b63679aa9.jpg?v=1727710311","url":"https:\/\/surprise-castle.myshopify.com\/products\/recursive-models-of-dynamic-linear-economies-9780691042770","provider":"Surprise Castle","version":"1.0","type":"link"}