Get Free Shipping on orders over $0
Optimal Control, Expectations and Uncertainty - No Information Available

Optimal Control, Expectations and Uncertainty

By: No Information Available

Hardcover | 18 September 1989

At a Glance

Hardcover


RRP $207.95

$182.99

12%OFF

or 4 interest-free payments of $45.75 with

 or 

Ships in 5 to 7 business days

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 modelled simplistically on physical systems. However, as the authors of this volume 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 modelling and planning. This book is divided into two parts. The first presents the orthodox framework but extends it to allow for multiplicative uncertainty, risk and non-linearities in the econometric model. The second part looks explicitly at the question of expectations. It provides methods by which forward-looking expectations can be treated jointly with the determination of economic policy. It also examines game-theoretic considerations - where, for instance, policy makers may have incentive to renege on their commitments.
Industry Reviews
"...a nicely written book that covers a wealth of optimization tools originating from optimal and stochastic control and game theory, in a context of policy making in economics...a good introduction to the topic for those who would want to pursue research in dynamic decision making under uncertainty." Tamer Ba^D,sar, Mathematical Reviews

Other Editions and Formats

Paperback

Published: 14th January 2010

More in Macroeconomics

Skin in the Game : Hidden Asymmetries in Daily Life - Nassim Nicholas Taleb
Foundations of Macroeconomics - Jade Murphy
Principles of Macroeconomics : 1st Edition - Richard Holden

RRP $181.75

$163.75

10%
OFF
Money in the Twenty-First Century : Cheap, Mobile, and Digital - Richard Holden
The Road to Freedom : Economics and the Good Society - Joseph Stiglitz
Economics : The Economist Guide - Philip Coggan
Capital in the Twenty-First Century - Thomas Piketty

RRP $70.95

$52.99

25%
OFF
Macroeconomics : 3rd - Global Edition - Daron Acemoglu
Modeling Monetary Economies : 5th Edition - Bruce Champ

RRP $93.95

$73.99

21%
OFF
Macroeconomics, Global Edition : 8th Edition - Olivier Blanchard

RRP $200.95

$156.75

22%
OFF