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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.
Reviews & endorsements
"...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
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- Date Published: January 2010
- format: Paperback
- isbn: 9780521126335
- length: 260 pages
- dimensions: 229 x 152 x 15 mm
- weight: 0.39kg
- availability: Manufactured on demand: supplied direct from the printer
Table of Contents
2. The theory of economic policy and the linear model
3. Optimal-policy design
4. Uncertainty and risk
5. Risk aversion, priorities and achievements
6. Non-linear optimal control
7. The linear rational-expectations model
8. Policy design for rational-expectations models
9. Non-cooperative, full-information dynamic games
10. Incomplete information, bargaining and social optima
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