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Optimal Control, Expectations and Uncertainty

$134.00

  • Date Published: July 1989
  • availability: Available
  • format: Hardback
  • isbn: 9780521264440

$134.00
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About the Authors
  • 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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    Product details

    • Date Published: July 1989
    • format: Hardback
    • isbn: 9780521264440
    • length: 260 pages
    • dimensions: 229 x 152 x 19 mm
    • weight: 0.55kg
    • availability: Available
  • Table of Contents

    Preface
    1. Introduction
    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
    Notes
    References
    Index.

  • Authors

    Sean Holly, University of Cambridge

    Andrew Hughes Hallet, University of Cambridge

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