Growth Theory, Nonlinear Dynamics and Economic Modelling: Scientific Essays of William Allen Brock

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Essays by a leader in the field of economics, originally published as articles in various economic journals between 1972 and 1997, illustrate the power of dynamic modeling to shed light on the forces of stability and instability in economic systems. Themes are stochastic models and optimal growth, financial and macroeconomic modeling, nonlinearity in economics, and ecology, mechanism design, and regulation. Some subjects are asset prices in a production economy, the economics of regulatory tiering, and optimal economic growth and uncertainty. An introduction by Brock ties together the main aspects of his research to date. Brock teaches economics at the University of Wisconsin-Madison. Dechert teaches economics at the University of Houston. The book is not indexed by subject. Annotation c. Book News, Inc., Portland, OR (
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Table of Contents

Introduction and Discussion
Pt. 1 Stochastic Models
1 Optimal Economic Growth And Uncertainty: The Discounted Case 3
2 Global Asymptotic Stability Results for Multisector Models of Optimal Growth under Uncertainty When Future Utilities are Discounted 38
3 Dynamics under Uncertainty 57
Pt. 2 Financial Modelling and Related Macroeconomic Modelling
4 Asset Prices in a Production Economy 85
5 The Bang-Bang Model of Public Utility Regulation in Intertemporal General Equilibrium 128
6 Liquidity Constraints in Production Based Asset Pricing Models 141
7 A Dynamic Structural Model for Stock Return Volatility and Trading Volume 166
Pt. 3 Ecology, Mechanism Design and Regulation
8 A Polluted Golden Age 201
9 The Economics of Regulatory Tiering 215
10 The Design of Mechanism for Efficient Allocation of Public Goods 227
Pt. 4 Nonlinearity in Economics
11 Theorems of Distinguishing Deterministic From Random Systems 265
12 Some Theory of Statistical Inference for Nonlinear Science 284
13 A Nonparametric Test for Independence of a Multivariate Time Series 304
14 A Test for Independence Based on the Correlation Dimension 324
15 Asset Price Behavior In Complex Environments 363
16 A Rational Route to Randomness 402
Name Index 439
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