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Giovanni Castellani Rector of the University of Venice This book
contains the Proceedings of the Conference on "Economic Policy and
Control Theory" which was held at the University of Venice (Italy)
on 27 January-l February 1985. The goal of the Conference was to
survey the main developments of control theory in economics, by
emphasizing particularly new achievements in the analysis of
dynamic economic models by con trol methods. The development of
control theory is strictly related to the development of science
and technology in the last forty years. Control theory was indeed
applied mainly in engineering, and only in the sixties economists
started using control methods for analys ing economic problems,
even if some preliminary economic applica tions of calculus of
variations, from which control theory was then developed, date back
to the twenties. Applications of control theory in economics also
had to solve new, complicated, problems, like those encountered in
optimal growth models, or like the determination of the appropriate
inter temporal social welfare function, of the policy horizon and
the relative final state of the system, of the appropriate discount
factor. Furthermore, the uncertainty characterizing economic models
had to be taken into account, thus giving rise to the development
of stochastic control theory in economics."
Giovanni Castellani Rector of the University of Venice This book
contains the Proceedings of the Conference on "Economic Policy and
Control Theory" which was held at the University of Venice (Italy)
on 27 January-l February 1985. The goal of the Conference was to
survey the main developments of control theory in economics, by
emphasizing particularly new achievements in the analysis of
dynamic economic models by con trol methods. The development of
control theory is strictly related to the development of science
and technology in the last forty years. Control theory was indeed
applied mainly in engineering, and only in the sixties economists
started using control methods for analys ing economic problems,
even if some preliminary economic applica tions of calculus of
variations, from which control theory was then developed, date back
to the twenties. Applications of control theory in economics also
had to solve new, complicated, problems, like those encountered in
optimal growth models, or like the determination of the appropriate
inter temporal social welfare function, of the policy horizon and
the relative final state of the system, of the appropriate discount
factor. Furthermore, the uncertainty characterizing economic models
had to be taken into account, thus giving rise to the development
of stochastic control theory in economics."
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