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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 textbook is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigour. Economic intuitions are emphasized, and examples and problem sets covering a wide range of applications in economics are provided to assist in the learning process. Theorems are clearly stated and their proofs are carefully explained. The development of the text is gradual and fully integrated, beginning with simple formulations and progressing to advanced topics such as control parameters, jumps in state variables, and bounded state space. For greater economy and elegance, optimal control theory is introduced directly, without recourse to the calculus of variations. The connection with the latter and with dynamic programming is explained in a separate chapter. A second purpose of the book is to draw the parallel between optimal control theory and static optimization. Chapter 1 provides an extensive treatment of constrained and unconstrained maximization, with emphasis on economic insight and applications. Starting from basic concepts, it derives and explains important results, including the envelope theorem and the method of comparative statics. This chapter may be used for a course in static optimization. The book is largely self-contained. No previous knowledge of differential equations is required.
"synopsis" may belong to another edition of this title.
Book Description
This textbook is designed to make the difficult subject of optimal control theory accessible to economists while maintaining rigour.
"About this title" may belong to another edition of this title.
- PublisherCambridge University Press
- Publication date2010
- ISBN 10 0521337461
- ISBN 13 9780521337465
- BindingPaperback
- LanguageEnglish
- Number of pages366
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Optimal Control Theory and Static Optimization in Economics
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Optimal Control Theory and Static Optimization in Economics
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Optimal Control Theory and Static Optimization in Economics
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Optimal Control Theory and Static Optimization in Economics (Paperback)
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Paperback. Condition: new. Paperback. 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. This textbook is designed to make the difficult subject of optimal control theory accessible to economists while maintaining rigour. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability. Seller Inventory # 9780521337465
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