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 | : Masanao Aoki |
Publisher | : North-Holland |
Total Pages | : 428 |
Release | : 1976 |
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 | : 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 | : Chow G.C. |
Publisher | : |
Total Pages | : 0 |
Release | : |
Genre | : |
ISBN | : |
Author | : Gregory C. Chow |
Publisher | : John Wiley & Sons |
Total Pages | : 340 |
Release | : 1975-03-04 |
Genre | : Business & Economics |
ISBN | : |
ANALYSIS OF DYNAMIC ECONOMIC SYSTEMS; CONTROL OF DYNAMIC ECONOMIC SYSTEMS.
Author | : Gregory C. Chow |
Publisher | : Oxford University Press, USA |
Total Pages | : 249 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 0195101928 |
This work presents the optimization framework for dynamic economics and treats a number of topics in economics, including growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems, moving on to general propositions.
Author | : Gregory C. Chow |
Publisher | : |
Total Pages | : 20 |
Release | : 1971 |
Genre | : Economics, Mathematical |
ISBN | : |
Author | : Masanao Aoki |
Publisher | : Elsevier |
Total Pages | : 425 |
Release | : 1979-01-28 |
Genre | : Technology & Engineering |
ISBN | : 0323140793 |
New Trends in Dynamic System Theory and Economics contains selected papers presented at a two-week seminar on New Trends in Dynamic System Theory and Economics held at the International Center for Mechanical Sciences in Udine, Italy, on September 12-23, 1977. Contributors discuss recent trends in the application of dynamic system theory in economic analysis, paying particular attention to information patterns and uncertainty, optimal control theory and its application, and disequilibrium analysis. This book is divided into three sections and consists of 20 chapters. Decision problems of agents with different or imperfect information or under uncertainty are first discussed. This section gives a detailed analysis of the properties of Nash and Stackelberg equilibria in dynamic games under several different information patterns. Consideration is also given to microdecision problems of individual agents, macroeconomic stabilization of an uncertain dynamic economy, and the uncertainty of parameter values. The chapters that follow focus on recent advances in optimal control theory and application of control theory. Disequilibrium analysis of a macroeconomic model is presented, along with the dynamics of disequilibria of a macroeconomic model with flexible wages and prices. A generalization of Pareto optimality is used to discuss the connection between the optimality and stability problems in a general setting. The last three chapters explore ""modern"" approaches to tâtonnement processes. This book will be of interest to students and practitioners of applied mathematics and econometrics.
Author | : David Cass |
Publisher | : Academic Press |
Total Pages | : 212 |
Release | : 2014-05-10 |
Genre | : Business & Economics |
ISBN | : 1483266850 |
The Hamiltonian Approach to Dynamic Economics focuses on the application of the Hamiltonian approach to dynamic economics and attempts to provide some unification of the theory of heterogeneous capital. Emphasis is placed on the stability of long-run steady-state equilibrium in models of heterogeneous capital accumulation. Generalizations of the Samuelson-Scheinkman approach are also given. Moreover, conditions are sought on the geometry of the Hamiltonian function (that is, on static technology) that suffice to preserve under (not necessarily small) perturbation the basic properties of the Hamiltonian dynamical system. Comprised of eight essays, this book begins with an introduction to Hamiltonian dynamics in economics, followed by a discussion on optimal steady states of n-sector growth models when utility is discounted. Optimal growth and decentralized or descriptive growth models in both continuous and discrete time are treated as applications of Hamiltonian dynamics. Theproblem of optimal growth with zero discounting is considered, with emphasis on a steepness condition on the Hamiltonian function. The general problem of decentralized growth with instantaneously adjusted expectations about price changes is also analyzed, along with the global asymptotic stability of optimal control systems with applications to the theory of economic growth. This monograph will be of value to mathematicians and economists.