TY - BOOK

T1 - Random dynamical systems

T2 - Theory and applications

AU - Bhattacharya, Rabi

AU - Majumdar, Mukul

N1 - Publisher Copyright:
© Rabi Bhattacharya and Mukul Majumdar and Cambridge University Press, 2010.

PY - 2007/1/1

Y1 - 2007/1/1

N2 - This treatment provides an exposition of discrete time dynamic processes evolving over an infinite horizon. Chapter 1 reviews some mathematical results from the theory of deterministic dynamical systems, with particular emphasis on applications to economics. The theory of irreducible Markov processes, especially Markov chains, is surveyed in Chapter 2. Equilibrium and long run stability of a dynamical system in which the law of motion is subject to random perturbations is the central theme of Chapters 3-5. A unified account of relatively recent results, exploiting splitting and contractions, that have found applications in many contexts is presented in detail. Chapter 6 explains how a random dynamical system may emerge from a class of dynamic programming problems. With examples and exercises, readers are guided from basic theory to the frontier of applied mathematical research.

AB - This treatment provides an exposition of discrete time dynamic processes evolving over an infinite horizon. Chapter 1 reviews some mathematical results from the theory of deterministic dynamical systems, with particular emphasis on applications to economics. The theory of irreducible Markov processes, especially Markov chains, is surveyed in Chapter 2. Equilibrium and long run stability of a dynamical system in which the law of motion is subject to random perturbations is the central theme of Chapters 3-5. A unified account of relatively recent results, exploiting splitting and contractions, that have found applications in many contexts is presented in detail. Chapter 6 explains how a random dynamical system may emerge from a class of dynamic programming problems. With examples and exercises, readers are guided from basic theory to the frontier of applied mathematical research.

UR - http://www.scopus.com/inward/record.url?scp=84926184630&partnerID=8YFLogxK

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U2 - 10.1017/CBO9780511618628

DO - 10.1017/CBO9780511618628

M3 - Book

AN - SCOPUS:84926184630

SN - 0521825652

SN - 9780521825658

BT - Random dynamical systems

PB - Cambridge University Press

ER -