The rational expectations revolution and other developments in economics (notably game theory) have fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, they have shown that economic systems cannot be modeled simplistically on physical systems. However, as the authors show, these developments have greatly enhanced our understanding of how an economy functions, and now make it possible for optimal control theory to be applied much more effectively to economic modeling and planning.
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Editorial Reviews
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"...a nicely written book that covers a wealth of optimization tools originating from optimal and stochastic control and game theory, in a context of policy making in economics....a good introduction to the topic for those who would want to pursue research in dynamic decision making under uncertainty." Tamer Ba^D,sar, Mathematical Reviews
Book Description
The rational expectations revolution (notably game theory) has fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, it has shown that economic systems cannot be modelled simplistically on physical systems. However, as the authors of this volume show, this and other economic developments have greatly enhanced our understanding of how an economy functions.
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Inside This Book
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First Sentence:
Control methods have been used in economics - at least at the academic level - for about 35 years. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
Hughes Hallett, Kalman Filter New!
Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Control methods have been used in economics - at least at the academic level - for about 35 years. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
Hughes Hallett, Kalman Filter New!
Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 43
books:
See all 43 books this book cites
3
books
cite this book:
- Optimal Control for Econometric Models by Sean Holly on 4 pages
- Contributions to the Theory of Games, Vol. III (Annals of Mathematics Studies) by Melvin Dresher in Back Matter (1), and Back Matter (2)
- New Trends in Dynamic System Theory and Economics by Masano Aoki in Back Matter (1), and Back Matter (2)
- Modern Control Systems (10th Edition) by Richard C. Dorf in Back Matter
- Theory of Wage Determination (International Economic Associa) by John T. Dunlop in Back Matter
See all 43 books this book cites
- Surveys in Economic Dynamics (Surveys of Recent Research in Economics) by Donald A. R. George on page 111
- The Economics of Transaction Costs: Theory, Methods and Applications by P. K. Rao in Back Matter
- Storage and Commodity Markets by Jeffrey C. Williams in Back Matter
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