COVID-19 Update: We are currently shipping orders daily. However, due to transit disruptions in some geographies, deliveries may be delayed. To provide all customers with timely access to content, we are offering 50% off Science and Technology Print & eBook bundle options. Terms & conditions.
Optimal Control Theory with Economic Applications - 1st Edition - ISBN: 9780444879233

Optimal Control Theory with Economic Applications, Volume 24

1st Edition

Authors: A. Seierstad K. Sydsæter
Hardcover ISBN: 9780444879233
Imprint: North Holland
Published Date: 1st February 1987
Page Count: 462
Sales tax will be calculated at check-out Price includes VAT/GST

Institutional Subscription

Secure Checkout

Personal information is secured with SSL technology.

Free Shipping

Free global shipping
No minimum order.

Table of Contents

Calculus of Variations. Optimal Control Theory Without Restrictions On The State Variables. Extensions. Mixed Constraints. Pure State Constraints. Mixed and Pure State Constraints.


This book serves not only as an introduction, but also as an advanced text and reference source in the field of deterministic optimal control systems governed by ordinary differential equations. It also includes an introduction to the classical calculus of variations.

An important feature of the book is the inclusion of a large number of examples, in which the theory is applied to a wide variety of economics problems. The presentation of simple models helps illuminate pertinent qualitative and analytic points, useful when confronted with a more complex reality. These models cover: economic growth in both open and closed economies, exploitation of (non-) renewable resources, pollution control, behaviour of firms, and differential games. A great emphasis on precision pervades the book, setting it apart from the bulk of literature in this area. The rigorous techniques presented should help the reader avoid errors which often recur in the application of control theory within economics.


No. of pages:
© North Holland 1987
1st February 1987
North Holland
Hardcover ISBN:


@from:Frederick van der Ploeg
@qu:... will be useful for graduate students and researchers wanting a thorough guide to solving a few dimensional optimal control problems in economic theory.
@source:Economic Journal
@qu:...can be recommended to any advanced economist. It will be valuable for everyone who is concerned with dynamical systems in economic theory. Moreover for a textbook it makes an essential contribution to the theory of optimal controls.
@source:Journal of Economics, 1989
@from:St. Jørgensen
@qu:... a valuable addition to the literature on optimal control of economic processes.

@source:Zentralblatt für Mathematik
@from:G. Feichtinger
@qu:I highly recommend the book which is in my opinion the best text on economic applications of optimal control theory being on market. Moreover, there is no doubt that it is also of interest to non-economists.
@source:Zeitschrift für Operations Research - Series A: Theory

Ratings and Reviews

About the Authors

A. Seierstad

K. Sydsæter