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Optimal Control Theory and Static Optimization in Economics, by Daniel Léonard, Ngo van Long
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Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This book is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigor. Economic intuition is emphasized, examples and problem sets covering a wide range of applications in economics are provided, theorems are clearly stated and their proofs are carefully explained. The development of the text is gradual and fully integrated, beginning with the simple formulations and progressing to advanced topics. Optimal control theory is introduced directly, without recourse to the calculus of variations, and the connection with the latter and with dynamic programming is explained in a separate chapter. Also, the book draws the parallel between optimal control theory and static optimization. No previous knowledge of differential equations is required.
- Sales Rank: #669627 in Books
- Brand: Brand: Cambridge University Press
- Published on: 1992-01-31
- Original language: English
- Number of items: 1
- Dimensions: 9.21" h x .83" w x 6.10" l, 1.21 pounds
- Binding: Paperback
- 368 pages
- Used Book in Good Condition
Most helpful customer reviews
3 of 3 people found the following review helpful.
One of the more useful texts
By Yang Wang
Purchased this text for a graduate dynamic optimization in economics course at Rice. It is very well written with excellent examples. Did quite a few problems, they are well designed to illuminate the topics covered. Almost no useful coverage of numerical methods, which is what I most wanted to take away from the course. The emphasis is on theory, there is a decent section on static optimization and differential equations. Wish we could have used this text for math-econ rather than Rudin, it is more practical for applied economists (I'm doing a marketing PhD) who don't do heavy theory work that require the real-analysis machinery. Overall, an excellent text if you are not looking for numerical methods. I would suggest Adda and Cooper and Judd for application with numerical methods.
12 of 18 people found the following review helpful.
marvellous
By A Customer
I am almoust sure that mathematicians and "orthodox" economists do not like this book but for graduates with a lousy background in and a certain degree of fear of mathematics it is a perfect tool to begin and get affected.
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