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This book is based on the Third Kingston Conference on Differential
Games and Control Theory held at the University of Rhode Island
June 5-8, 1978. It deals with deterministic systems and stochastic
systems, and is helpful for the researchers in applied mathematics.
This book is based on the Third Kingston Conference on Differential
Games and Control Theory held at the University of Rhode Island
June 5-8, 1978. It deals with deterministic systems and stochastic
systems, and is helpful for the researchers in applied mathematics.
As an outgrowth of the advancement in modern control theory during
the past 20 years, dynamic modeling and analysis of economic
systems has become an important subject in the study of economic
theory. Recent developments in dynamic utility, economic planning,
and profit optimiza tion, for example, have been greatly influenced
by results in optimal control, stabilization, estimation,
optimization under conflicts, multi criteria optimization, control
of large-scale systems, etc. The great success that has been
achieved so far in utilizing modern control theory in economic
systems should be attributed to the effort of control theorists as
well as economists. Collaboration between the two groups of
researchers has proven to be most successful in many instances;
nevertheless, the gap between them has existed for some time.
Whereas a control theorist frequently sets up a mathematically
feasible model to obtain results that permit economic
interpretations, an economist is concerned more with the fidelity
of the model in representing a real world problem, and results that
are obtained (through possibly less mathematical analysis) are due
largely to economic insight. The papers appearing in this volume
are divided into three parts. In Part I there are five papers on
the application of control theory to economic planning. Part II
contains five papers on exploration, exploita tion, and pricing of
extractive natural resources. Finally, in Part III, some recent
advances in large-scale systems and decentralized control appear."
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