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 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.
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.
Inhaltsangabe
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.
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.
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