Applied Computational Economics and Finance

by Mario J. Miranda, Paul L. Fackler

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Product Description
This book presents a variety of computational methods used to solve dynamic problems in economics and finance. It emphasizes practical numerical methods rather than mathematical proofs and focuses on techniques that apply directly to economic analyses. The examples are drawn from a wide range of subspecialties of economics and finance, with particular emphasis on problems in agricultural and resource economics, macroeconomics, and finance. The book also provides an extensive Web-site library of computer utilities and demonstration programs.

The book is divided into two parts. The first part develops basic numerical methods, including linear and nonlinear equation methods, complementarity methods, finite-dimensional optimization, numerical integration and differentiation, and function approximation. The second part presents methods for solving dynamic stochastic models in economics and finance, including dynamic programming, rational expectations, and arbitrage pricing models in discrete and continuous time. The book uses MATLAB to illustrate the algorithms and includes a utilities toolbox to help readers develop their own computational economics applications.

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All Customer Reviews
Average Customer Review: 4.5 out of 5 stars

0 of 0 people found the following review helpful:

5 out of 5 stars

Excellent introduction to computational economics, 2008-02-05
In Economics I often find it difficult to write the codes that replicate the models in many papers. This book is an excellent introduction to computational economics and for actually solving things in Matlab.

1 of 1 people found the following review helpful:

5 out of 5 stars

Applied Computation Economics and Finance, 2007-10-13
This is a really good book in numerical methods. It goes step by step and has exercises you can do while reading the book that help you not only understand the topics and do it yourself, but apply numerical methods to every-day problems.

0 of 0 people found the following review helpful:

3 out of 5 stars

I've looked elsewhere and...others are worse, 2007-10-06
I bought this book b/c its required for a course I'm taking; my professor is one of the authors. Coding is a pain regardless of how good your instruction is, so I'm hesitant to criticize the book. That said, I didn't love it. However, I've looked at other books and this is by far the most relevant for using MATLAB for econ and finance.

3 of 5 people found the following review helpful:

4 out of 5 stars

Good but ..., 2006-03-26
I was looking for a book that teaches how to use MATLAB to solve certain finance and economics problems, and purchased this book. The book covers very interesting topics and discusses many types of solution methods. However, the applications to MATLAB are not presented in a user-friendly way. In particular, they do not present things in a step-by-step manner and assume many things. The reader is then left to figure out how to complete programs either from some other part of the book or from prior knowledge. Thus, the book is successful in letting the reader become aware of the capabilities of MATLAB (i.e. what sort of computational techniques the program can do). However, it would havae been best if the authors wrote all the programs with complete codes. They often mention that the code assumes that the reader does this and does that.

9 of 11 people found the following review helpful:

5 out of 5 stars

Excellent for economists and financial analysts, 2004-07-16
This is one of the few books that covers the topics of numerical methods to solve finance and economics problems. It provides a large number of generic applications.

Readers that can use Matlab will especially benefit. If so, be sure to get the author's toolbox and see the errata on the author's page.

There are two other books that might be useful to those interested in this text: Dixit and Pindyck's Investment Under Uncertainty (1994), and Patrick Anderson's Business Economics and Finance (2004) [my book], which cites the Dixit and Miranda texts.

Readers should be prepared for some math, although it is much more accessible here than in most graduate texts in financial mathematics.

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