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Optimal Control Theory and Static Optimization in Economics

ISBN-10: 0521337461
ISBN-13: 9780521337465
Edition: 1992
List price: $84.99 Buy it from $7.50
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Description: Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This book is designed to make the difficult subject of optimal control theory easily  More...

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Book details

List price: $84.99
Copyright year: 1992
Publisher: Cambridge University Press
Publication date: 1/31/1992
Binding: Paperback
Pages: 368
Size: 6.25" wide x 9.25" long x 0.75" tall
Weight: 1.320
Language: English

Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This book is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigor. Economic intuition is emphasized, examples and problem sets covering a wide range of applications in economics are provided, theorems are clearly stated and their proofs are carefully explained. The development of the text is gradual and fully integrated, beginning with the simple formulations and progressing to advanced topics. Optimal control theory is introduced directly, without recourse to the calculus of variations, and the connection with the latter and with dynamic programming is explained in a separate chapter. Also, the book draws the parallel between optimal control theory and static optimization. No previous knowledge of differential equations is required.

Static optimization
Ordinary differential equations
Introduction to dynamic optimization
The Maximum principle
Connections with the calculus of variations and dynamic programming
The constrained control problem
Endpoint constraints and transversality conditions
Discontinuities in the optimal controls
Infinity horizon problems
Three special topics

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