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This book serves not only as an introduction, but also as an
advanced text and reference source in the field of deterministic
optimal control systems governed by ordinary differential
equations. It also includes an introduction to the classical
calculus of variations.
An important feature of the book is the inclusion of a large number
of examples, in which the theory is applied to a wide variety of
economics problems. The presentation of simple models helps
illuminate pertinent qualitative and analytic points, useful when
confronted with a more complex reality. These models cover:
economic growth in both open and closed economies, exploitation of
(non-) renewable resources, pollution control, behaviour of firms,
and differential games. A great emphasis on precision pervades the
book, setting it apart from the bulk of literature in this area.
The rigorous techniques presented should help the reader avoid
errors which often recur in the application of control theory
within economics.
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