Optimal Control Theory with Applications in Economics

Optimal Control Theory with Applications in Economics
Author :
Publisher : MIT Press
Total Pages : 387
Release :
ISBN-10 : 9780262015738
ISBN-13 : 0262015730
Rating : 4/5 (730 Downloads)

Book Synopsis Optimal Control Theory with Applications in Economics by : Thomas A. Weber

Download or read book Optimal Control Theory with Applications in Economics written by Thomas A. Weber and published by MIT Press. This book was released on 2011-09-30 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 continuous-time systems in economics. The theory of ordinary differential equations (ODEs) is the backbone of the theory developed in the book, and chapter 2 offers a detailed review of basic concepts in the theory of ODEs, including the solution of systems of linear ODEs, state-space analysis, potential functions, and stability analysis. Following this, the book covers the main results of optimal control theory, in particular necessary and sufficient optimality conditions; game theory, with an emphasis on differential games; and the application of control-theoretic concepts to the design of economic mechanisms. Appendixes provide a mathematical review and full solutions to all end-of-chapter problems. The material is presented at three levels: single-person decision making; games, in which a group of decision makers interact strategically; and mechanism design, which is concerned with a designer's creation of an environment in which players interact to maximize the designer's objective. The book focuses on applications; the problems are an integral part of the text. It is intended for use as a textbook or reference for graduate students, teachers, and researchers interested in applications of control theory beyond its classical use in economic growth. The book will also appeal to readers interested in a modeling approach to certain practical problems involving dynamic continuous-time models.


Optimal Control Theory with Applications in Economics Related Books

Optimal Control Theory with Applications in Economics
Language: en
Pages: 387
Authors: Thomas A. Weber
Categories: Business & Economics
Type: BOOK - Published: 2011-09-30 - Publisher: MIT Press

GET EBOOK

A rigorous introduction to optimal control theory, with an emphasis on applications in economics. This book bridges optimal control theory and economics, discus
Optimal Control Theory and Static Optimization in Economics
Language: en
Pages: 372
Authors: Daniel LĂ©onard
Categories: Business & Economics
Type: BOOK - Published: 1992-01-31 - Publisher: Cambridge University Press

GET EBOOK

Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework.
Control Theory Methods in Economics
Language: en
Pages: 265
Authors: Jati Sengupta
Categories: Business & Economics
Type: BOOK - Published: 2012-12-06 - Publisher: Springer Science & Business Media

GET EBOOK

Control theory methods in economics have historically developed over three phases. The first involved basically the feedback control rules in a deterministic fr
Optimal Control Theory
Language: en
Pages: 536
Authors: Suresh P. Sethi
Categories: Business & Economics
Type: BOOK - Published: 2006 - Publisher: Taylor & Francis US

GET EBOOK

Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book,
Foundations of Dynamic Economic Analysis
Language: en
Pages: 632
Authors: Michael R. Caputo
Categories: Business & Economics
Type: BOOK - Published: 2005-01-10 - Publisher: Cambridge University Press

GET EBOOK

Foundations of Dynamic Economic Analysis presents a modern and thorough exposition of the fundamental mathematical formalism used to study optimal control theor