Optimal Control, Expectations and Uncertainty

Holly, Sean, Hughes Hallet, Andrew

ISBN 10: 0521264448 / ISBN 13: 9780521264440

Published by Cambridge University Press, 1989

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Bibliographic Details

• Title: Optimal Control, Expectations and Uncertainty
• Publisher: Cambridge University Press
• Publication Date: 1989
• Language: English
• ISBN 10: 0521264448
• ISBN 13: 9780521264440
• Binding: Hardcover
• Condition: Like New
• Book Type: book

About this title

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.

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.