3 edition of **Dynamic economic models and optimal control** found in the catalog.

Dynamic economic models and optimal control

Viennese Workshop on Dynamic Economic Models and Optimal Control (4th 1991)

- 226 Want to read
- 33 Currently reading

Published
**1992**
by North-Holland in Amsterdam, New York
.

Written in English

- Econometric models -- Congresses.,
- Control theory -- Congresses.,
- Mathematical optimization -- Congresses.,
- Game theory -- Congresses.,
- Nonlinear oscillations -- Congresses.

**Edition Notes**

Includes bibliographical references and index.

Statement | edited by G. Feichtinger. |

Contributions | Feichtinger, Gustav, 1940- |

Classifications | |
---|---|

LC Classifications | HB141 .V524 1991 |

The Physical Object | |

Pagination | 585 p. : |

Number of Pages | 585 |

ID Numbers | |

Open Library | OL1726025M |

ISBN 10 | 0444884912 |

LC Control Number | 92030069 |

Optimal control theory is a branch of mathematical optimization that deals with finding a control for a dynamical system over a period of time such that an objective function is optimized. It has numerous applications in both science and engineering. For example, the dynamical system might be a spacecraft with controls corresponding to rocket thrusters, and the objective might be to reach the. Viennese Workshop on Dynamic Economic Models and Optimal Control (4th: ). Dynamic economic models and optimal control. Amsterdam ; New York: North-Holland, (OCoLC) Material Type: Conference publication, Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Gustav Feichtinger.

Sections of the book cover: methods for dynamic modeling economics with special emphasis on the microeconomic models of firms, modeling optimal use of both nonrenewable and renewable resources, and chaos in economic models. The book does not require a substantial background in mathematics or computer science and encourages all students and. Optimal Control and Dynamic Games has been edited to honor the outstanding contributions of Professor Suresh Sethi in the fields of Applied Optimal sor Sethi is internationally one of the foremost experts in this field. He is, among others, co-author of the popular textbook "Sethi and Thompson: Optimal Control Theory: Applications to Management Science and Economics".

Let us make an in-depth study of Dynamic economics: 1. Concept of Dynamic Economics 2. Scope and Importance of Dynamic Economics 3. Limitations. Concept of Dynamic Economics: The concept of dynamics is derived from Physics. It refers to a state where there is a change such as movement. Tides of the sea, a bird flying in the sky are examples of. Originally published in This book provides a rigorous and detailed introductory treatment of the theory of difference equations and their applications in the construction and analysis of dynamic economic models. It explains the theory of linear difference equations and various types of dynamic economic models are then analysed.

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Foundations of Dynamic Economic Analysis presents an introductory but thorough exposition of optimal control theory. It is aimed at first-year and second-year PhD students in economics, agricultural and resource economics, operations research, management science, and applied by: This is a required book for my DO course in economics.

I should admit, however, that having a limited background in mathematics, I do not benefit from this book as much as A. Chiang's *Elements of Dynamic Optimization* and D. Leonard and N. Van Long's *Optimal Control Theory and Static Optimization in Economics* in terms of building intuitions/5(10).

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.

Now, the new edition is expanded and updated to include essential coverage of current developments on differential games, especially as they apply to important economic questions; new developments in comparative dynamics; and new material on optimal control with integral state second edition of Dynamic Optimization provides expert.

A Comparison of Frequency-Domain and Optimal Control Methods in Macroeconomic Policy Design On the Dynamics of the LBS Econometric Model Self tuning Control of a Macro Economic System On the Modeling and Analysis of a National Economy On the Markov Stopping Rule Associated with the Problem of Controlling a Dual Economy Global ModelingBook Edition: 1.

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.

III. The OC (optimal control) way of solving the problem We will solve dynamic optimization problems using two related methods. The first of these is called optimal control. Optimal control makes use of Pontryagin's maximum principle.

First note that for most specifications, economic intuition tells us that x. The long awaited second edition of Dynamic Optimization is now exposition and numerous worked examples made the first edition the premier text on this subject. Now, the new edition is expanded and updated to include essential coverage of current developments on differential games, especially as they apply to important economic questions; new developments in comparative.

This paper presents an up-to-date survey of dynamic optimal control models in advertising that have appeared in the literature. The basic problem underlying these models is an optimal control problem to determine the optimal rate of advertising expenditures over time in a way that maximizes the present value of a firm’s net profit streams.

The ﬂip-side of the focus on analysis is that the models are more simplistic than in applied texts. This is not so much a book from which to learn about economics as it is a book to learn about techniques that are useful for economic modeling.

The models we do study in detail, such as the optimal growth model and the commodity. This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control, game theory, and mechanism design in one volume.

Technically rigorous and largely self-contained, it provides an introduction to the use of optimal control theory for deterministic continuous-time systems in economics. Dynamic economic models typically arise as a characterization of the path of the economy around its long run equilibrium (steady states), and involve modelling expectations, learning, and adjustment costs.

A variety of dynamic specifications used in applied time series econometrics exist. This chapter reviews a number of single-equation specifications suggested by econometric literature to.

This course focuses on dynamic optimization methods, both in discrete and in continuous time. We approach these problems from a dynamic programming and optimal control perspective.

We also study the dynamic systems that come from the solutions to these problems. The course will illustrate how these techniques are useful in various applications, drawing on many economic examples. As well as using existing computer programs for optimization of models, a new computer program, named SCOM, is presented in this book for computing social choice models by optimal control.

Keywords Decision Finance Investment Making Modelling Paraplusig Stochastic model Stochastic models economic growth growth growth model modeling optimization. Journal of Economic Dynamics and Control. Supports open access. View aims and scope Submit your article Guide Optimal management of pumped hydroelectric production with state constrained optimal control.

Athena Picarelli, Tiziano Vargiolu. In Press, Corrected Proof, Available online 10 June titled "Disaggregate Data and. There are a number of ways to solve such a control problem, of which the literature considers three: (1) Calculus of variations (2) Dynamic programming (3) Maximum principle.

In this chapter we shall deal only with the third, which now is the dominant approach, especially in economics. This approach is based on the work of Pontryagin et al. A state space model of the economic fundamentals, R Craine & D Bowman. Partial credibility: a solution technique for econometric models, P Westaway.

Econometrics, Time-Series Analysis and Forecasting. Optimal tariff coalitions, an econometric analysis, C E Petersen. Efficiency in stochastic dynamic economic models, I Zilcha.

A rigorous introduction to optimal control theory, with an emphasis on applications in economics. This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control, game theory, and mechanism design in one volume.

Technically rigorous and largely self-contained, it provides an introduction to the use of optimal control theory for deterministic. Examples and Dynamic Programming In this Chapter, we will outline the basic structure of an optimal control prob-lem.

Then, this structure will be explained through several examples mainly from mathematical ﬁnance. Analysis and the solution to these problems will be provided later. Optimal Control. Get this from a library. Foundations of dynamic economic analysis: optimal control theory and applications.

[Michael Ralph Caputo] -- "Foundations of Dynamic Economic Analysis presents a modern and thorough exposition of the fundamental mathematical formalism used to study continuous time dynamic economic processes and to interpret. Optimal control methods have useful applications to these areas in finance - some optimization problems in finance include optimal control, involving a dynamic system with switching times in the form of bang-bang control.

Optimal control models for corporate finance and the economy are presented in this book and the analytical and computational.Optimal control and dynamic programming General description of the optimal control problem: • assume that time evolves in a discrete way, meaning that t ∈ {0,1,2, }, that is t ∈ N0; • the economy is described by two variables that evolve along time: a state variable xt and a control variable, ut.AGEC Lectures in Dynamic Optimization Optimal Control and Numerical Dynamic Programming Richard T.

Woodward, Department of Agricultural Economics, Texas A&M University. The following lecture notes are made available for students in AGEC and other interested readers.