## Capital Theory, Equilibrium Analysis and Recursive Utility

### Robert A. Becker and John H. Boyd III

Published by **Blackwell** in 1997,
ISBN: 1-557-86413-6, $89.95. It's available from
amazon.com.
The errata sheet was last updated June 30, 1998.

*Capital Theory, Equilibrium Analysis, and Recursive Utility* presents a
unified and systematic account of economic dynamics based on neoclassical
growth theory. It emphasizes the rigorous construction of dynamic economic
models, showing solutions exist and characterizing those solutions and their
properties. It also examines the relationship between optimal growth and
dynamic competitive equilibria. The book focuses on time consistent
decision-making by using a general type of intertemporal objective,
recursive utility. This allows an integrated treatment that develops the
subject from its theoretical foundations to its applications in dynamic
economic models. Numerous solved examples
illustrate both the theory and
its applications.

Robert A. Becker and John H. Boyd III have synthesized their own published and unpublished work on recursive models with that of their students and numerous others. They provide extensive coverage of optimal growth (including endogenous growth), general equilibrium with infinitely many commodities, nonlinear dynamics for both optimal growth models and their equilibrium counterparts, and monotone comparative dynamics.

*Capital Theory, Equilibrium Analysis, and Recursive Utility* is
addressed to growth theorists, macroeconomic dynamicists, resource
economists, general equilibrium theorists, and graduate students in economic
theory. As a thorough presentation of basic research on the foundations of
intertemporal decision-making, it provides advanced students and experts
alike with the techniques of equilibrium analysis and recursive utility
needed in the rapidly evolving field of economic dynamics.