Optimal Control Theory with Economic Applications

Optimal Control Theory with Economic Applications

1st Edition - February 1, 1987

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  • Authors: A. Seierstad, K. Sydsæter
  • Hardcover ISBN: 9780444879233

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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.

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.

Product details

  • No. of pages: 462
  • Language: English
  • Copyright: © North Holland 1987
  • Published: February 1, 1987
  • Imprint: North Holland
  • Hardcover ISBN: 9780444879233

About the Authors

A. Seierstad

K. Sydsæter

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  • TapioPalokangas Sat May 09 2020

    Optimal Control Theory with Economic Applications

    Excellent textbook, even after 30 years since publication!