Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the authors have applied to business management problems developed from their research and classroom instruction. Sethi and Thompson have provided management science and economics communities with a thoroughly revised edition of their classic text on Optimal Control Theory. The new edition has been completely refined with careful attention to the text and graphic material presentation. Chapters cover a range of topics including finance, production and inventory problems, marketing problems, machine maintenance and replacement, problems of optimal consumption of natural resources, and applications of control theory to economics. The book contains new results that were not available when the first edition was published, as well as an expansion of the material on stochastic optimal control theory.
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Editorial Reviews
Review
`Like the first edition, Sethi and Thompson's revised textbook advances the state of the art of operations research and management science on multiple dimensions. The authors provide a rigorous treatment of a powerful methodology. They demonstrate the deep managerial insights to be obtained in a variety of management and economics domains. The book facilitates learning in the classroom and encourages readers' creativity. The clarity in exposition makes the book accessible to diverse readers, including mathematicians interested in learning about applications and researchers in various application domains interested in developing new managerial results. This is a very good textbook for subjects on optimal controls with management science applications. I have adopted this as a textbook and the students love it. Illustrative figures and diagrams are sufficiently provided, and materials are carefully explained. The use of the commonly available Excel program to solve TPBVPs at the end of chapter 2 is suitable for the ever increasing demand of "multimedia teaching". I have not seen any other optimal control textbook include such a set of Excel instructions in such a simple and elegant way. Moreover, the authors made a set of chapter-by-chapter Power Point files available on the web to supplement the textbook for classroom teaching. I'd give 5 stars to this book anytime.' Joseph Lee, Hong Kong Polytechnic University
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Most Helpful Customer Reviews
5 of 7 people found the following review helpful:
3.0 out of 5 stars
Technical Paper Rollup,
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This review is from: Optimal Control Theory - Applications to Management Science and Economics (Second Edition) (Hardcover)
Book is essentially a compendium of technical papers on specific economics topics subject to the application of Control Theory. The book includes a robust set of useful state equations and associated optimality problem statements, but I would have appreciated a more general discussion of the application of control theory to management science that ties all of the book's subjects together into a single, cohesive framework. The book focuses almost exclusively on the trees rather than the forest. As such, it is best suited as a supplement for graduate-level studies.
3 of 5 people found the following review helpful:
5.0 out of 5 stars
An extremely good textbook,
By Dr. Heung Wing Joseph LEE (Hong Kong) - See all my reviews
This review is from: Optimal Control Theory - Applications to Management Science and Economics (Second Edition) (Hardcover)
This is a very good textbook for subjects on optimal controls with management science applications. I have adopted this as a textbook and students love it. Illustrative figures and diagrams are sufficiently provided, and materials are carefully explained.The use of the commonly available Excel program to solve TPBVPs at the end of Chapter 2 is suitable for the ever increasing demand of "multimedia teaching". I have not seen any other optimal control textbook include such a set of Excel instructions in such a simple and elegant way. Moreover, the authors made a set of chapter-by-chapter power point files available on the web to supplement the text book for classroom teaching. I am giving 5 stars to this book anytime.
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Inside This Book
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First Sentence:
Many management science applications involve the control of dynamic systems, i.e., systems that evolve over time. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
natural failure rate, weak forecast horizon, mixed inequality constraints, warehousing constraint, adjoining method, adjoint trajectories, pure state constraints, adjoint trajectory, state variable inequality constraints, stochastic manufacturing systems, optimal maintenance policy, bounded state variables, price shield, pollution control model, state inequality constraints, price trajectory, stochastic optimal control problem, infinite horizon problem, lot size model, factorial powers, ith producer, discrete maximum principle, mixed constraints, adjoint variables, singular control Key Phrases - Capitalized Phrases (CAPs): (learn more)
Economic Applications, Rich Rentier, Prove Theorem, Re-solve Exercise, Rich Investor New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Many management science applications involve the control of dynamic systems, i.e., systems that evolve over time. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
natural failure rate, weak forecast horizon, mixed inequality constraints, warehousing constraint, adjoining method, adjoint trajectories, pure state constraints, adjoint trajectory, state variable inequality constraints, stochastic manufacturing systems, optimal maintenance policy, bounded state variables, price shield, pollution control model, state inequality constraints, price trajectory, stochastic optimal control problem, infinite horizon problem, lot size model, factorial powers, ith producer, discrete maximum principle, mixed constraints, adjoint variables, singular control Key Phrases - Capitalized Phrases (CAPs): (learn more)
Economic Applications, Rich Rentier, Prove Theorem, Re-solve Exercise, Rich Investor 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)
This book cites 100
books:
See all 100 books this book cites
5
books
cite this book:
- Management Science: Tchrs': Quantitative Methods in Context by Lee J. Krajewski on 8 pages
- Optimal Control: Calculus of Variations, Optimal Control Theory and Numerical Methods (International Series of Numerical Mathematics, ISNM Vol. 111) by R. Bulirsch on 5 pages
- Dynamics and Control (Stability and Control: Theory, Methods and Applications) by George Leitmann on 4 pages
- Management Science by Laurence Moore in Back Matter (1), Back Matter (2), and Back Matter (3)
- Operations Research in Progress (Theory and Decision Library) by Gustav Feichtinger in Back Matter (1), Back Matter (2), and Back Matter (3)
See all 100 books this book cites
- Optimal Control and Dynamic Games: Applications in Finance, Management Science and Economics (Advances in Computational Management Science) by Christophe Deissenberg on 4 pages
- Mathematical Studies on Human Disease Dynamics: Emerging Paradigms and Challenges (Contemporary Mathematics) by and Dominic P. Clemence on page 207
- Average-Cost Control of Stochastic Manufacturing Systems (Stochastic Modelling and Applied Probability) by Suresh P. Sethi in Back Matter
- Simulation-Based Optimization: Parametric Optimization Techniques and Reinforcement Learning (Operations Research/Computer Science Interfaces Series) by Abhijit Gosavi in Back Matter
- Stochastic Processes, Optimization, and Control Theory: Applications in Financial Engineering, Queueing Networks, and Manufacturing Systems: A Volume ... in Operations Research & Management Science) by Houmin Yan on page 173
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