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Bibliographic Details

Title: Optimal Control Theory and Static Optimization in Economics
Publisher: Cambridge University Press
Publication Date: 1992
Language: English
ISBN 10: 0521337461
ISBN 13: 9780521337465
Binding: Soft cover
Condition: Good
Weight: 1.091 pounds

About this title

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.

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.

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