Income, Wealth, and the Maximum Principle

Name: Income, Wealth, and the Maximum Principle
Price: 33.84 USD
Availability: InStock
ISBN: 9780674025769

ISBN-10: 0674025768

ISBN-13: 9780674025769

Edition: 2003

Authors: Martin L. Weitzman

List price: $40.00

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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…

Book details

List price: $40.00
Copyright year: 2003
Publisher: Harvard University Press
Publication date: 9/30/2007
Binding: Paperback
Pages: 358
Size: 5.69" wide x 8.87" long x 0.80" tall
Weight: 1.056
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