Random Dynamical Systems
Theory and Applications

“This book is a brilliant and clear synthesis of the known results on random processes in time. Any economist modeling the growth and cyclical behavior of an economy or of a smaller economic unit will need many of the results displayed and proved and will find no alternative as complete and clear. The numerous well-chosen problems are a bonus.”
Kenneth J. Arrow, Nobel Laureate, Stanford University

“This impressive and unique volume will be an excellent textbook as well as a valuable reference for economists and others interested in random dynamical systems. In addition to a rigorous treatment of the basic theory, the volume includes an introductory section on deterministic dynamical systems, an exposition of stochastic dynamic programming, and various applications to economic models, as well as many exercises and an appendix with basic mathematical background material.”
Roy Radner, Stern School, New York University

“This beautiful and elegantly written book by two world class scholars belongs on the bookshelf of any scholar who uses stochastic dynamical systems in his work. This includes ecologists, economists, mathematicians, mathematical biologists, statisticians, and many others.”
William A. Brock, University of Wisconsin, Madison

“Random Dynamical Systems is the product of the joint works of two masters, Rabi Bhattacharya and Mukul Majumdar, in mathematical statistics and mathematical economics, respectively. It presents the rigorous and yet lucid treatment of the theory of discrete time dynamical processes with applications to economics. I believe that this book will acquire the stature as the text of choice for students and researchers on this field for many years to come.”
Kazuo Nishimura, Kyoto University

"This is a beautiful book. Although mostly oriented towards economic applications, there are sufficient references to and illustrations of other application scenarios to make this of interest to a far wider readership than merely econometricians. Engineers, statisticians, and physicists would find the material of interest and value."
International Statistical Review

"The material is well chosen, well structured and distributed in six chapter each consisting of sections. The presentation is rigorous and clear.... The book is written in a smooth style... The reviewer has all the arguments to recommend the book strongly not only to institutional libraries but also to anybody who is studying, teaching or using stochastic models."
Jordan Stoyanov, Newcastle University for the Journal of Royal Statistical Society

"The book is well written, giving complete proofs of theorems and providing numerous examples that not only demonstrate the applicability of the material, but also demonstrate the bizarre behavior possible in nonlinear systems. I believe that this book will be enjoyable to anyone having a background in Markov chains or an interest in nonlinear time series models."
Peter C. Kiessler, Clemson University, Journal of the American Statistician

"This book is very well written and it is a clear synthesis of the theory of discrete time dynamical processes with many applications to economics. In particular, the book contains a large number of examples and exercises, which in my opinion, make it a useful guide for students and also for researchers."
Maria J. Garrido-Atienza, Mathematical Reviews