Variational Methods in Economics - Hardcover

Hadley, George; Kemp, Murray C.

 
9780720436013: Variational Methods in Economics
Hardcover
ISBN 10: 072043601X ISBN 13: 9780720436013
Publisher: Elsevier Science Publishing Co Inc.,U.S., 1971

Synopsis

Advanced Textbooks in Economics, Volume 1: Variational Methods in Economics focuses on the application of variational methods in economics, including autonomous system, dynamic programming, and phase spaces and diagrams. The manuscript first elaborates on growth models in economics and calculus of variations. Discussions focus on connection with dynamic programming, variable end points-free boundaries, transversality at infinity, sensitivity analysis-end point changes, Weierstrass and Legendre necessary conditions, and phase diagrams and phase spaces. The text then ponders on the constraints of classical theory, including unbounded intervals of integration, free boundary conditions, comparison functions, normality, and the problem of Bolza. The publication explains two-sector models of optimal economic growth, optimal control theory, and connections with the classical theory. Topics include capital good immobile between industries, constrained state variables, linear control problems, conversion of a control problem into a problem of Lagrange, and the conversion of a nonautonomous system into an autonomous system. The book is a valuable source of information for economists and researchers interested in the variational methods in economics.

"synopsis" may belong to another edition of this title.

Publisher
Elsevier Science Publishing Co Inc.,U.S.
Publication date
1971
Language
English
ISBN 10 
072043601X
ISBN 13 
9780720436013
Binding
Hardcover
Edition number
1
Number of pages
388