Income, Wealth, and the Maximum Principle

ISBN-10: 0674025768

ISBN-13: 9780674025769

Edition: 2003

List price: $35.00
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Description:

This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely. Its unified framework illuminates many famous economic examples and models. This work also emphasizes the connection between optimal control theory and the classical themes of capital theory. It offers a fresh approach to fundamental questions such as: What is income? How should it be measured? What is its relation to wealth? The book will be valuable to students who want to formulate and solve dynamic allocation problems. It will also be of interest to any economist who wants to understand results of the latest research on the relationship between comprehensive income accounting and wealth or welfare.
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Book details

List price: $35.00
Copyright year: 2003
Publisher: Harvard University Press
Publication date: 9/30/2007
Binding: Paperback
Pages: 358
Size: 5.25" wide x 9.25" long x 0.75" tall
Weight: 1.034
Language: English

Preface
Introduction
Introduction to the Maximum Principle
The Calculus of Variations and the Stationary Rate of Return on Capital
The Prototype-Economic Control Problem
The Maximum Principle in One Dimension
Applications of the Maximum Principle in One Dimension
Comprehensive Accounting and the Maximum Principle
Optimal Multisector Growth and Dynamic Competitive Equilibrium
The Pure Theory of Perfectly Complete National Income Accounting
The Stochastic Wealth and Income Version of the Maximum Principle
References
Index
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