Foundations of Dynamic Economic Analysis - Michael R. Caputo

Foundations of Dynamic Economic Analysis

Optimal Control Theory and Applications
Buch | Softcover
592 Seiten
2005
Cambridge University Press (Verlag)
978-0-521-60368-3 (ISBN)
62,30 inkl. MwSt
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 mathematics.
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.

Michael R. Caputo is Professor of Economics in the College of Business Administration, University of Central Florida, in Orlando. He was awarded his PhD in economics from the University of Washington, where he received the Henry C. Beuchel memorial award for distinguished undergraduate teaching by the Department of Economics in 1986. Professor Caputo then taught in the Department of Agriculture and Resource Economics at the University of California, Davis from 1987 to 2003. In 1998 he was inducted into the volume 'Who's Who Among America's Teachers'. Professor Caputo's research has appeared in numerous peer-reviewed journals, including the Review of Economic Studies, the Journal of Economic Theory, International Economic Review, Review of Economics and Statistics, the Journal of Economic Dynamics and Control, the Journal of Mathematical Economics, the Journal of Optimization Theory and Applications, the Journal of Economics, and the American Journal of Agricultural Economics.

1. Essential elements of continuous time dynamic optimization; 2. Necessary conditions for a simplified control problem; 3. Concavity and sufficiency in optimal control problems; 4. The maximum principle and economic interpretations; 5. Linear optimal control problems; 6. Necessary and sufficient conditions for a general class of control problems; 7. Necessary and sufficient conditions for isoperimetric problems; 8. Economic characterization of reciprocal isoperimetric problems; 9. The dynamic envelope theorem and economic interpretations; 10. The dynamic envelope theorem and transversality conditions; 11. Comparative dynamics via envelope methods; 12. Discounting, current values, and time consistency; 13. Local stability and phase portraits of autonomous differential equations; 14. Necessary and sufficient conditions for infinite horizon control problems; 15. The neoclassical optimal economic growth model; 16. A dynamic limit pricing model of the firm; 17. The adjustment cost model of the firm; 18. Qualitative properties of infinite horizon optimal control problems with one state variable and one control variable; 19. Dynamic programming and the Hamilton-Jacobi-Bellman equation; 20. Intertemporal duality in the adjustment cost model of the firm.

Erscheint lt. Verlag 17.1.2005
Zusatzinfo 1 Tables, unspecified; 47 Line drawings, unspecified
Verlagsort Cambridge
Sprache englisch
Maße 154 x 235 mm
Gewicht 811 g
Themenwelt Wirtschaft Allgemeines / Lexika
Wirtschaft Volkswirtschaftslehre
ISBN-10 0-521-60368-4 / 0521603684
ISBN-13 978-0-521-60368-3 / 9780521603683
Zustand Neuware
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