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Computational Methods in Economics ECON 832 (4)

The first part of the course will focus on dynamic optimization problems, with an emphasis on dynamic programming. Applications may include growth, business cycles, monetary and fiscal policy, and optimal contracts. The second part of the course will focus on models of learning and bounded rationality. Genetic and stochastic approximation algorithms will be studied. Applications may include the stability of rational expectations equilibria, the evolution of institutions and social conventions, and models of robust control and Knightian uncertainty. Prerequisite: ECON 802, 807 or 808, or with the approval of the instructor.