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Optimal Control Theory and Static Optimization in Economics - Daniel Leonard

Optimal Control Theory and Static Optimization in Economics

Paperback Published: 11th May 1992
ISBN: 9780521337465
Number Of Pages: 368

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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.

Static optimization
Ordinary differential equations
Introduction to dynamic optimization
The Maximum principle
Connections with the calculus of variations and dynamic programming
The constrained control problem
Endpoint constraints and transversality conditions
Discontinuities in the optimal controls
Infinity horizon problems
Three special topics
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521337465
ISBN-10: 0521337461
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 368
Published: 11th May 1992
Country of Publication: GB
Dimensions (cm): 23.01 x 15.24  x 2.21
Weight (kg): 0.55

Earn 194 Qantas Points
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