Synopsis
The rational expectations revolution and other developments in economics (notably game theory) have fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, they have shown that economic systems cannot be modeled simplistically on physical systems. However, as the authors show, these developments have greatly enhanced our understanding of how an economy functions, and now make it possible for optimal control theory to be applied much more effectively to economic modeling and planning.
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Book Description
The rational expectations revolution (notably game theory) has fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, it has shown that economic systems cannot be modelled simplistically on physical systems. However, as the authors of this volume show, this and other economic developments have greatly enhanced our understanding of how an economy functions.
Review
"...a nicely written book that covers a wealth of optimization tools originating from optimal and stochastic control and game theory, in a context of policy making in economics....a good introduction to the topic for those who would want to pursue research in dynamic decision making under uncertainty." Tamer Ba^D,sar, Mathematical Reviews
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Optimal Control, Expectations and Uncertainty
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Optimal Control, Expectations and Uncertainty [Hardcover] [Jul 20, 1989] Holly, Sean and Hughes Hallet, Andrew
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Hardcover. Condition: new. Hardcover. The rational expectations revolution and other developments in economics (notably game theory) have fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, they have shown that economic systems cannot be modeled simplistically on physical systems. However, as the authors show, these developments have greatly enhanced our understanding of how an economy functions, and now make it possible for optimal control theory to be applied much more effectively to economic modeling and planning. An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9780521264440
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