Foundations of Dynamic Economic Analysis presents a modern and
thorough exposition of the fundamental mathematical formalism used
to study optimal control theory, i.e., continuous time dynamic
economic processes, and to interpret dynamic economic behavior. The
style of presentation, with its continual emphasis on the economic
interpretation of mathematics and models, distinguishes it from
several other excellent texts on the subject. This approach is
aided dramatically by introducing the dynamic envelope theorem and
the method of comparative dynamics early in the exposition.
Accordingly, motivated and economically revealing proofs of the
transversality conditions come about by use of the dynamic envelope
theorem. Furthermore, such sequencing of the material naturally
leads to the development of the primal-dual method of comparative
dynamics and dynamic duality theory, two modern approaches used to
tease out the empirical content of optimal control models. The
stylistic approach ultimately draws attention to the empirical
richness of optimal control theory, a feature missing in virtually
all other textbooks of this type.
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