Control Theory Methods in Economics (Paperback, Softcover reprint of the original 1st ed. 1997)

Control theory methods in economics have historically developed over three phases. The first involved basically the feedback control rules in a deterministic framework which were applied in macrodynamic models for analyzing stabilization policies. The second phase raised the issues of various types of inconsistencies in deterministic optimal control models due to changing information and other aspects of stochasticity. Rational expectations models have been extensively used in this plan to resolve some of the inconsistency problems. The third phase has recently focused on the various aspects of adaptive control. where stochasticity and information adaptivity are introduced in diverse ways e.g . risk adjustment and risk sensitivity of optimal control, recursive updating rules via Kalman filtering and weighted recursive least squares and variable structure control methods in nonlinear framework. Problems of efficient econometric estimation of optimal control models have now acquired significant importance. This monograph provides an integrated view of control theory methods, synthesizing the three phases from feedback control to stochastic control and from stochastic control to adaptive control. Aspects of econometric estimation are strongly emphasized here, since these are very important in empirical applications in economics."

General

Imprint:	Springer-Verlag New York
Country of origin:	United States
Release date:	December 2012
First published:	1997
Authors:	Jati Sengupta • Phillip Fanchon
Dimensions:	235 x 155 x 14mm (L x W x T)
Format:	Paperback
Pages:	258
Edition:	Softcover reprint of the original 1st ed. 1997
ISBN-13:	978-1-4613-7885-3
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Books > Business & Economics > Economics > Econometrics > General Books > Business & Economics > Business & management > Management & management techniques > Operational research Books > Science & Mathematics > Mathematics > Calculus & mathematical analysis > Calculus of variations
LSN:	1-4613-7885-0
Barcode:	9781461378853

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