Ebook Numerical Methods in Economics (MIT Press), by Kenneth L. Judd
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Numerical Methods in Economics (MIT Press), by Kenneth L. Judd
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To harness the full power of computer technology, economists need to use a broad range of mathematical techniques. In this book, Kenneth Judd presents techniques from the numerical analysis and applied mathematics literatures and shows how to use them in economic analyses.The book is divided into five parts. Part I provides a general introduction. Part II presents basics from numerical analysis on R^n, including linear equations, iterative methods, optimization, nonlinear equations, approximation methods, numerical integration and differentiation, and Monte Carlo methods. Part III covers methods for dynamic problems, including finite difference methods, projection methods, and numerical dynamic programming. Part IV covers perturbation and asymptotic solution methods. Finally, Part V covers applications to dynamic equilibrium analysis, including solution methods for perfect foresight models and rational expectation models. A website contains supplementary material including programs and answers to exercises.
- Sales Rank: #539992 in Books
- Published on: 1998-10-27
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .88" w x 7.00" l, 2.37 pounds
- Binding: Hardcover
- 633 pages
About the Author
Kenneth L. Judd is a Senior Fellow at the Hoover Institution.
Review
Judd's book is a masterpiece which will help transform the way economic theory is done. It harnesses the computer revolution in the service of economic theory by collecting together a whole array of numerical methods to simulate and quantify models that used to be purely algebraic and qualitative.
(Avinash K. Dixit, Princeton University)Deductive economic theory is dead! Long live computational economic theory. Ken Judd's book is a brilliant exposition of how we can do theory without theorems in economics.
(Jean Charles Rochet, Professor of Mathematics and Economics, Institut D'économie Industrielle, Toulouse, France)This book is a masterwork written by a giant in the field. Here are very fast computational methods tailor-made by Judd for economics. These methods will enable researchers to dispense with artificial assumptions which have been made in the past in order to purchase analytical tractability. The power of the methods is illustrated by many examples. This book may have the same impact on the practice of economic theorizing as computational methods have had upon statistical inference.
(W. A. Brock, Department of Economics, University of Wisconsin)Recent advances in computer power have permitted enormous progress in the numerical solution and analysis of complex economic model. Numerical Methods in Economics clearly presents a vast range of materials on this topic, from background mathematics through numerical algorithms to economic applications. Students will find this volume an accessible introduction to the field; experienced practitioners will find it a perennial reference.
(James M. Poterba, Mitsui Professor of Economics, MIT)Kenneth Judd's book is a landmark that will establish him as one of the founding fathers of the nascent field of computational economics. The book is an impressive contribution not only for its breadth, but also for its mathematical depth and sophistication. But in the final analysis Numerical Methods in Economics is an eminently practical 'cookbook' filled with many clearly described recipes for solving a broad variety of models in fields ranging from economic theory, macroeconomics, to public economics. I would recommend that any serious economist have a copy of this book on their desk, regardless of whether their interest in theory or in applications. An understanding of effective numerical methods is quickly becoming an indispensable for doing any sort of high level work in economics.
(John Rust, Department of Economics, Yale University)Most helpful customer reviews
51 of 55 people found the following review helpful.
An essential resource for all applied economists.
By Stanley E. Zin (zin@bobbyorr.gsia.cmu.edu)
Judd ties together a vast amount of material--from the most basic to the most advanced--that is essential to anyone doing computational work in economics, econometrics or finance. The book is sufficiently self-contained to serve as the single reference book on computational methods for the average economist. In addition, Judd highlights the origins of most methods and points to strengths, weaknesses, and future theoretical research directions. Economic/finance examples are used throughout the book to make the concepts easy to understand and apply. The only thing keeping this book from being perfect is a complete set of software tools, but given the breadth of the book, this might be too much to ask.
9 of 9 people found the following review helpful.
An excellent and useful text
By Gideon P. Du Rand
This is the type of book I've been looking for for a long time: It tells you directly what problems are solved by numerical approximation, what methods have been developed for such applications, how to use them, what to watch out for and most importantly, what "tricks" are available to make things easier - this is something you will never pick up in an academic paper and in very few courses.
The structure is very illuminating: simple examples of common problems are followed by generalized versions which are usefull for anyone to apply to their own work. Care is taken to point out the strenghts and weaknesses of various procedures so that the best one can be selected.
As to the critisisms that it does not go deep enough: its not supposed to. It covers in enough detail most (all) of the important methods used by the top economic researchers today, and if the problem you are working on requires more detail than is in the text, precise and extensive references are provided to further understand that particular area.
a very practical and forthright book.
4 of 5 people found the following review helpful.
Good theoretical book
By Eszter Hirschberg
The book is very theoretical and it is really hard to use it in applied work. The book is very demanding and hard to read. You have to have very rich mathematical background to understand the book. Not for beginners to start. A very little number of useful examples which clarify to understand the theoretical staff.
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