Optimal Control Theory and Static Optimization in Economics - Softcover

Leonard, Daniel

Softcover

ISBN 10: 0521337461 ISBN 13: 9780521337465

Publisher: Cambridge University Press, 1992

Synopsis

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.

About this title

Book Description

Used by economists for problems involving optimal decisions in a multi-period framework, the technique of optimal control theory is introduced directly, without recourse to the calculus of variations and developed gradually within an integrated text.

Edition details

• Publisher: Cambridge University Press
• Publication date: 1992
• Language: English
• ISBN 10: 0521337461
• ISBN 13: 9780521337465
• Binding: Paperback
• Number of pages: 368