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Art of Smooth Pasting (Fundamentals of Pure & Applied Economics) Paperback – 11 May 1993

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6 of 6 people found the following review helpful
Worth its weight in smooth gold paste 10 Nov. 2011
By Louis - Published on
Format: Paperback
There is a reason this slim little manual is selling for more than $70. The Art of Smooth Pasting is a triumph for clarity and brevity in technical mathematical writing. The book distills dynamic stochastic regulation into 72 pages. Its brevity is due to a focus on results and the use of verbal proof techniques. Its clarity is due to its author, Avinash Dixit.

The book obtains Ito's lemma "the easy way" from a Taylor expansion. It uses the same expansion, as well as an alternative discretization technique, to form the differential equation for the discounted present value of a stochastic process. It calculates discounted present value in the cases of CARA and CRRA utility and contains a sharp discussion about the constants of integration that arise from the differential equation. It moves to barriers and optimal barrier placement, one of the models most ripe for application. It also gives results on passage times and some results on long-run distributions.

The work has been partially eclipsed if not in style then in content by Nancy Stokey's recent book, The Economics of Inaction, which runs around 300 pages. Her work explores more thoroughly the basics of stochastic processes and contains more results, but for economy of style (and even artfulness) it is difficult to beat The Art of Smooth Pasting.
1 of 12 people found the following review helpful
A pretty good little book... 30 Nov. 2009
By Yun-chiang Tai - Published on
Format: Paperback Verified Purchase
It is a book about the envelop theorem used in fonance and economics....A little book but
with wisdom and techniques everyone in the field has to know.... Art pasting is an important
technique as we try to analyze something deep inside... Just ask the food we need to take...
the water we need to drink...It is essential...and without...pleasure....
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