We introduce a numerical algorithm for solving dynamic economic models that merges stochastic simulation and projection … approaches: we use simulation to approximate the ergodic measure of the solution, we cover the support of the constructed ergodic … rates. The proposed solution algorithm is tractable in problems with high dimensionality (hundreds of state variables) on a …

We introduce an algorithm for solving dynamic economic models that merges stochastic simulation and projection … approaches: we use simulation to approximate the ergodic measure of the solution, we construct a fixed grid covering the support … support of the ergodic measure roughly uniformly. The proposed algorithm is tractable in problems with high dimensionality …

dimensions higher than two, four different variants of the ESE-algorithm of Jin et al. (2005) are introduced and compared. In the …

"This book provides emerging research in advanced trends in robotics, AI, simulation, and human-computer interaction …