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Books > Business & Economics > Economics > Macroeconomics
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Optimal Control Theory and Static Optimization in Economics (Hardcover, New)
Loot Price: R5,223
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Optimal Control Theory and Static Optimization in Economics (Hardcover, New)
Expected to ship within 10 - 15 working days
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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 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.
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