Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics) [Hardcover]

Morton I. Kamien (Author), Nancy L. Schwartz (Author)

Book Description

ISBN-10: 0444016090 | ISBN-13: 978-0444016096 | Publication Date: October 25, 1991 | Edition: 2nd

The long awaited second edition of Dynamic Optimization is now available. Clear exposition and numerous worked examples made the first edition the premier text on this subject. Now, the new edition is expanded and updated to include essential coverage of current developments on differential games, especially as they apply to important economic questions; new developments in comparative dynamics; and new material on optimal control with integral state equations.

The second edition of Dynamic Optimization provides expert coverage on:- methods of calculus of variations - optimal control - continuous dynamic programming - stochastic optimal control -differential games. The authors also include appendices on static optimization and on differential games.

Now in its new updated and expanded edition, Dynamic Optimization is, more than ever, the optimum choice for graduate and advanced undergraduate courses in economics, mathematical methods in economics and dynamic optimization, management science, mathematics and engineering.

New features of Dynamic Optimization will show students:advances in how to do comparative dynamics; how to optimally switch from one state equation to another during the planning period; how to take into account the history of the system governing an optimization problem through the use of an integral state equation; and how to apply differential games to problems in economics and management sciences.

Editorial Reviews

Review

....an excellent first introduction to the field of dynamic optimization.
Optima

Product Details

• Hardcover: 396 pages
• Publisher: Elsevier Science; 2nd edition (October 25, 1991)
• Language: English
• ISBN-10: 0444016090
• ISBN-13: 978-0444016096
• Product Dimensions: 8.9 x 6.1 x 0.9 inches
• Shipping Weight: 1.7 pounds
• Average Customer Review: 4.5 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #124,580 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

4.0 out of 5 stars Good book, bad printing, February 9, 2008

By 

M. Phillips - See all my reviews
(REAL NAME)   

This review is from: Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics) (Hardcover)

The book is really good. However, it is missing a bunch of paragraphs. I thought it was just my book, but I checked with my friends who bought it too (it is required for one of our classes) and their books had the same missing paragraphs. I would highly recommend this book, but would buy the older versions of the same editions, because those don't seem to have the mis-printing problem.

1 of 1 people found the following review helpful:

5.0 out of 5 stars Great clear textbook, January 26, 2007

By 

David Hugh-Jones (Chicago, IL USA) - See all my reviews
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This review is from: Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics) (Hardcover)

I believe this was the first textbook to introduce dynamic optimization to economists. It's simply and clearly written. Each chapter introduces a new development, goes into the theory behind it and gives examples, in just a few pages so you can go through it in bite-sized chunks. The style is unfussy but doesn't talk down to you. Two appendices explain important theorems in calculus and differential equations, briefly but in enough detail to be usable if you aren't familiar with those parts of the maths. This is an excellent textbook, although I can't compare it with the competition.

3 of 5 people found the following review helpful:

5.0 out of 5 stars A must book for every serious economics student, February 15, 2001

By 

Ihsan Kaler Hurcan (Turkey) - See all my reviews

This review is from: Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics) (Hardcover)

There is no doubt that to master in advanced economics one should have a firm grasp on mathematical tools. Kamien and Schwartz's Dynamiz Optimization is the perfect book to this end. Actually it deserves a rating more than five stars.