BN.com Gift Guide

Optimal Control Theory with Applications in Economics

Hardcover (Print)
Used and New from Other Sellers
Used and New from Other Sellers
from $40.99
Usually ships in 1-2 business days
(Save 21%)
Other sellers (Hardcover)
  • All (4) from $40.99   
  • New (4) from $40.99   

Overview

This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control, game theory, and mechanism design in one volume. Technically rigorous and largely self-contained, it provides an introduction to the use of optimal control theory for deterministic continuous-time systems in economics. The theory of ordinary differential equations (ODEs) is the backbone of the theory developed in the book, and chapter 2 offers a detailed review of basic concepts in the theory of ODEs, including the solution of systems of linear
ODEs, state-space analysis, potential functions, and stability analysis. Following this, the book covers the main results of optimal control theory, in particular necessary and sufficient optimality conditions; game theory, with an emphasis on differential games; and the application of control-theoretic concepts to the design of economic mechanisms. Appendixes provide a mathematical review and full solutions to all end-of-chapter problems. The material is presented at three levels:
single-person decision making; games, in which a group of decision makers interact strategically; and mechanism design, which is concerned with a designer's creation of an environment in which players interact to maximize the designer's objective.
The book focuses on applications; the problems are an integral part of the text. It is intended for use as a textbook or reference for graduate students, teachers, and researchers interested in applications of control theory beyond its classical use in economic growth. The book will also appeal to readers interested in a modeling approach to certain practical problems involving dynamic continuous-time models.

The MIT Press

Read More Show Less

What People Are Saying

From the Publisher

"Weber's book is an important reference for anyone wishing to explore dynamic economic systems. Its early chapters present a nice overview of the field,
and for researchers already familiar with control theory there are several chapters dealing with applications to game theory and mechanism design, including interesting examples that are nicely developed."--Andrew B. Whinston, Hugh Roy Cullen Centennial
Chair in Business Administration and Director of the Center for Research in
Electronic Commerce, University of Texas at Austin

The MIT Press

"This is an excellent textbook on optimal control theory and its applications to game theory and mechanism design. It will be a valuable resource for economics graduate courses on microeconomics, mathematics for economists, and game theory. Thomas Weber covers his chosen material in depth, clearly, and rigorously.
He also offers a mathematical appendix, well-chosen examples, and exercises along with detailed solutions."--Dimitrios Diamantaras, Economics Department, Temple
University

The MIT Press

"This book provides an excellent introduction to optimal control theory and its applications in economics. The exposition is concise and rigorous, with a splendid array of examples from recent research. It is both an outstanding reference on the foundations of optimal control theory and an excellent text for graduate courses dealing with dynamic economic systems."--Paul R. Kleindorfer, Anheuser-Busch
Professor of Management Science, Emeritus, The Wharton School, University of
Pennsylvania, and Distinguished Research Professor, INSEAD

The MIT Press

Read More Show Less

Product Details

  • ISBN-13: 9780262015738
  • Publisher: MIT Press
  • Publication date: 10/31/2011
  • Pages: 376
  • Product dimensions: 6.20 (w) x 9.10 (h) x 0.90 (d)

Meet the Author

Thomas A. Weber is Associate Professor at the Swiss Federal Institute of
Technology in Lausanne, Switzerland.
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)