Customer Reviews

Elements of Dynamic Optimization

5 star:		(8)
4 star:		(1)
3 star:		(0)
2 star:		(1)
1 star:		(0)

 

 

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.

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.

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.

The book of professor Chiang is not simply a good introductory text to dynamic optimization in the continuous-time form, but also provides a tight explanation of the related original economic models. It is better than any of the courses most people had attented before. I wish a similar book will appear soon, developing dynamic optimization tools, and especially optimal control in the discret-time form.

No one in the field of mathematical economics has half of Chiang's skill for explaining difficult subjects in a complete, understandable manner. If this is your textbook, consider yourself fortunate. If it isn't, buy it anyways. You'll definitely come out ahead.

Just as in Fundamentals, Chiang tries not to give a recipe book, but to explain the rationale underlying the method. And, just as before, he does it well. If it is your first approach to dynamic optimization in economics, it's probably the best book to start from. It covers only calculus of variations and optimal control theory though.

The book of professor Chiang does not only introduce the reader to dynamic optimization in the continuous-time form, but it also offers tight explanations of the related original economic models. It is better than any of the courses on these issues I have attented before. I wish a similar book will appear soon with more focus on optimal control in the discret-time form.

Yes, he did it again. He simply explains it clearly.

Not a serious book for graduate students, but for undergraduates: this book is just in the middle of two levels.

An excellent introduction to the subject, just as Richard Feynman lecturing Physics, extremely readable!

This book may be great for students. I has many good examples, is well written and generally looks good. HOWEVER, for anyone who actually knows optimal control theory it is clear that the book has several flaws. The worst example is the section on transversality conditions in infinite horizon problems. Chiang simply has no idea what he is talking about.