Foundations of Dynamic Economic Analysis Optimal Control Theory and Applications

ISBN-10: 0521603684
ISBN-13: 9780521603683
Edition: 2005
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Description: Presenting a thorough introductory exposition of optimal control theory, this work differs from the existing textbooks on the subject due to its emphasis on the economic interpretation of the mathematics and the qualitative properties of the  More...

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Book details

List price: $69.99
Copyright year: 2005
Publisher: Cambridge University Press
Publication date: 1/17/2005
Binding: Paperback
Pages: 592
Size: 6.00" wide x 9.00" long x 1.25" tall
Weight: 2.112
Language: English

Presenting a thorough introductory exposition of optimal control theory, this work differs from the existing textbooks on the subject due to its emphasis on the economic interpretation of the mathematics and the qualitative properties of the solutions. Moreover, it is a modern exposition of optimal control theory in that it presents numerous complementary methods. It is aimed at first-year and second-year PhD students in economics, agricultural and resource economics, operations research, management science, and applied mathematics.

Michael R. Caputo is Professor of Economics in the College of Business Administration, University of Central Florida, in Orlando. He was awarded his PhD in economics from the University of Washington, where he received the Henry C. Beuchel memorial award for distinguished undergraduate teaching by the Department of Economics in 1986. Professor Caputo then taught in the Department of Agriculture and Resource Economics at the University of California, Davis from 1987 to 2003. In 1998 he was inducted into the volume "Who's Who Among America's Teachers". Professor Caputo's research has appeared in numerous peer-reviewed journals, including the Review of Economic Studies, Journal of Economic Theory, International Economic Review, Review of Economics and Statistics, Journal of Economic Dynamics and Control, Journal of Mathematical Economics, Journal of Optimization Theory and Applications, Journal of Economics, and the American Journal of Agricultural Economics.

Foreword
Preface
Essential Elements of Continuous Time Dynamic Optimization
Necessary Conditions for a Simplified Control Problem
Concavity and Sufficiency in Optimal Control Problems
The Maximum Principle and Economic Interpretations
Linear Optimal Control Problems
Necessary and Sufficient Conditions for a General Class of Control Problems
Necessary and Sufficient Conditions for Isoperimetric Problems
Economic Characterization of Reciprocal Isoperimetric Problems
The Dynamic Envelope Theorem and Economic Interpretations
The Dynamic Envelope Theorem and Transversality Conditions
Comparative Dynamics via Envelope Methods
Discounting, Current Values, and Time Consistency
Local Stability and Phase Portraits of Autonomous Differential Equations
Necessary and Sufficient Conditions for Infinite Horizon Control Problems
The Neoclassical Optimal Economic Growth Model
A Dynamic Limit Pricing Model of the Firm
The Adjustment Cost Model of the Firm
Qualitative Properties of Infinite Horizon Optimal Control Problems with One State Variable and One Control Variable
Dynamic Programming and the Hamilton-Jacobi-Bellman Equation
Intertemporal Duality in the Adjustment Cost Model of the Firm

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