Analysis and Control of Dynamic Economic Systems
Author | : Gregory C. Chow |
Publisher | : |
Total Pages | : 390 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |
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Author | : Gregory C. Chow |
Publisher | : |
Total Pages | : 390 |
Release | : 1986 |
Genre | : Business & Economics |
ISBN | : |
Author | : Michael R. Caputo |
Publisher | : Cambridge University Press |
Total Pages | : 632 |
Release | : 2005-01-10 |
Genre | : Business & Economics |
ISBN | : 1107717639 |
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 it from several other excellent texts on the subject. This approach is aided dramatically by introducing the dynamic envelope theorem and the method of comparative dynamics early in the exposition. Accordingly, motivated and economically revealing proofs of the transversality conditions come about by use of the dynamic envelope theorem. Furthermore, such sequencing of the material naturally leads to the development of the primal-dual method of comparative dynamics and dynamic duality theory, two modern approaches used to tease out the empirical content of optimal control models. The stylistic approach ultimately draws attention to the empirical richness of optimal control theory, a feature missing in virtually all other textbooks of this type.
Author | : Chow G.C. |
Publisher | : |
Total Pages | : 0 |
Release | : |
Genre | : |
ISBN | : |
Author | : Michael Ralph Caputo |
Publisher | : Cambridge University Press |
Total Pages | : 596 |
Release | : 2005-01-17 |
Genre | : Business & Economics |
ISBN | : 9780521603683 |
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 it from several other excellent texts on the subject. This approach is aided dramatically by introducing the dynamic envelope theorem and the method of comparative dynamics early in the exposition. Accordingly, motivated and economically revealing proofs of the transversality conditions come about by use of the dynamic envelope theorem. Furthermore, such sequencing of the material naturally leads to the development of the primal-dual method of comparative dynamics and dynamic duality theory, two modern approaches used to tease out the empirical content of optimal control models. The stylistic approach ultimately draws attention to the empirical richness of optimal control theory, a feature missing in virtually all other textbooks of this type.
Author | : Masanao Aoki |
Publisher | : North Holland |
Total Pages | : 400 |
Release | : 1976-01-01 |
Genre | : Economics |
ISBN | : 9780720486032 |
Author | : Matthias Ruth |
Publisher | : Springer Science & Business Media |
Total Pages | : 324 |
Release | : 2012-02-08 |
Genre | : Business & Economics |
ISBN | : 1461422094 |
This book explores the dynamic processes in economic systems, concentrating on the extraction and use of the natural resources required to meet economic needs. Sections cover methods for dynamic modeling in economics, microeconomic models of firms, modeling optimal use of both nonrenewable and renewable resources, and chaos in economic models. This book does not require a substantial background in mathematics or computer science.
Author | : Herbert Dawid |
Publisher | : Springer Nature |
Total Pages | : 244 |
Release | : 2020-12-22 |
Genre | : Business & Economics |
ISBN | : 3030529703 |
This book analyses decision-making in dynamic economic environments. By applying a wide range of methodological approaches, combining both analytical and computational methods, the contributors examine various aspects of optimal firm behaviour and relevant policy areas. Topics covered include optimal control, dynamic games, economic decision-making, and applications in finance and economics, as well as policy implications in areas such as pollution regulation. This book is dedicated to Christophe Deissenberg, a well-known and distinguished scholar of economic dynamics and computational economics. It appeals to academics in the areas of optimal control, dynamic games and computational economics as well as to decision-makers working in policy domains such as environmental policy.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 1873 |
Genre | : |
ISBN | : |
Author | : Pan-Tai Liu |
Publisher | : Springer Science & Business Media |
Total Pages | : 273 |
Release | : 2013-03-09 |
Genre | : Science |
ISBN | : 1468435728 |
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.
Author | : A. Simonovits |
Publisher | : Springer |
Total Pages | : 308 |
Release | : 2000-06-05 |
Genre | : Business & Economics |
ISBN | : 0230513530 |
This book contains a concise description of important mathematical methods of dynamics and suitable economic models. It covers discrete as well as continuous-time systems, linear and nonlinear models. Mixing traditional and modern materials, the study covers dynamics with and without optimization, naive and rational expectations, respectively. In addition to standard models of growth and cycles, the book also contains original studies on control of a multisector economy and expectations-driven multicohort economy. Numerous examples, problems (with solutions) and figures complete the book.