In this volume Dr. Chiang introduces readers to the most important methods of dynamic optimization used in economics. The classical calculus of variations, optimal control theory, and dynamic programming in its discrete form are explained in the usual Chiang fashion--with patience and thoroughness. The economic examples, selected from both classical and recent literature, serve not only to illustrate applications of the mathematical methods, but also to provide a useful glimpse of the development of thinking in several areas of economics. Outstanding features include: (1) written with clarity and a comparable level of expository patience; (2) reinforces discussions of mathematical techniques with numerical illustrations, economic examples, and exercise problems; (3) presents a simple problem with a well- known solution in several different alternative formulations in the numerical illustrations; and (4) explains economic models in a step-by-step manner (from the initial construction through the intricacies of mathematical analysis to its final solution).
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Editorial Reviews
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Chiang's book has filled a void in that it is the most accessible and succinct treatment of dynamic optimization in continuous time to date. --Vic Valcarcel, Texas Tech University
From the Publisher
Titles of related interest from Waveland Press: Ekelund-Hebert, A History of Economic Theory and Method, Fifth Edition (ISBN 9781577664864); and Gramlich, A Guide to Benefit-Cost Analysis, 2/E (ISBN 9780881339888); and McCloskey, Economical Writing, 2/E (ISBN 9781577660637).
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Most Helpful Customer Reviews
16 of 17 people found the following review helpful:
5.0 out of 5 stars
Easy to understand,
By A Customer
This review is from: Elements of Dynamic Optimization (Hardcover)
Dynamic optimization has been performing a great role in the analysis of the resources allocation. Perhaps decades ago, one could think that the static optimization of objective functions was enough, but, once this book is read, one can see how important the dynamic tools are to understand the process of choosing an specific economic policy through time. Chiang illustrates us with many applications of every day's models, such as, the Phillips Curve (the trade-off between inflation and unemployment), the Ramsey Model of Growth, and so on. Not only the lecture is easy, but it is highly understandable, as well.
9 of 9 people found the following review helpful:
5.0 out of 5 stars
Very Good Introduction,
By A reviewer (Gainesville, Florida United States) - See all my reviews
This review is from: Elements of Dynamic Optimization (Hardcover)
This book provides an introduction to the advanced subject of dynamic optimization in an easy to comprehend manner. For students with no previous background in the subject, it is the best book in the market.If you are familiar with Chiang's Fundamental Methods of Mathematical Economics, you can expect the same level of comfort. There are plenty of examples in the text and all the aspects of the subject are covered. A valuable book to own and deserves the 5 stars.
10 of 11 people found the following review helpful:
5.0 out of 5 stars
Elements of Dynamic Optimization,
By A Customer
This review is from: Elements of Dynamic Optimization (Hardcover)
Very few people have the quality of expressing ideas and concepts with such clarity and simplicity as Professor Chinag has done. If you are new to dynamic optimization, particularly calculus and variation and optimal control theory you had better start with this treatise.
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Inside This Book
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First Sentence:
Optimization is a predominant theme in economic analysis. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
determinantal test, fixed terminal state, optimal state path, free terminal state, perturbing curve, sketching bars, fixed terminal point, optimal control path, capital saturation, antipollution activities, appropriate transversality condition, new phase diagram, terminal curve, optimal investment path, terminal capital stock, optimal time path, pollution stock, terminal line, costate variable, sign definiteness, costate equation, integrand function, neighboring paths, tradeoff model, objective functional Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Fundamental Methods of Mathematical Economics, American Economic Review, Energy Board, Akira Takayama, Applications of Control Theory, Cambridge University Press, The Mathematical Theory of Optimal Processes New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Optimization is a predominant theme in economic analysis. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
determinantal test, fixed terminal state, optimal state path, free terminal state, perturbing curve, sketching bars, fixed terminal point, optimal control path, capital saturation, antipollution activities, appropriate transversality condition, new phase diagram, terminal curve, optimal investment path, terminal capital stock, optimal time path, pollution stock, terminal line, costate variable, sign definiteness, costate equation, integrand function, neighboring paths, tradeoff model, objective functional Key Phrases - Capitalized Phrases (CAPs): (learn more)
New York, Fundamental Methods of Mathematical Economics, American Economic Review, Energy Board, Akira Takayama, Applications of Control Theory, Cambridge University Press, The Mathematical Theory of Optimal Processes New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
33
books
cite this book:
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- Business, Economics, and Finance with Matlab, GIS, and Simulation Models by Patrick L. Anderson on page 264, and page 265
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- Climate Change and Forest Management in the Western Hemisphere by Mohammed Dore on page 147
- Differential Games in Economics and Management Science by Engelbert J. Dockner in Back Matter
- Economic Dynamics: Phase Diagrams and their Economic Application by Ronald Shone in Back Matter
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