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  3. Foundations of Dynamic Economic Analysis
  • Cited by 101
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    • Publisher:
      Cambridge University Press
      Publication date:
      05 June 2012
      10 January 2005
      ISBN:
      9780511806827
      9780521842723
      9780521603683
      DOI:
      https://doi.org/10.1017/CBO9780511806827
      Dimensions:
      (234 x 156 mm)
      Weight & Pages:
      0.94kg, 592 Pages
      Dimensions:
      (234 x 156 mm)
      Weight & Pages:
      0.811kg, 592 Pages
      • Subjects:
      Economics, Mathematics, Mathematical Physics, Econometrics and Mathematical Methods
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    Subjects:
    Economics, Mathematics, Mathematical Physics, Econometrics and Mathematical Methods
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    Book description

    Foundations of Dynamic Economic Analysis presents a modern and thorough exposition of the fundamental mathematical formalism used to study optimal control theory, i.e., continuous time dynamic economic processes, and to interpret dynamic economic behavior. The style of presentation, with its continual emphasis on the economic interpretation of mathematics and models, distinguishes it from several other excellent texts on the subject. This approach is aided dramatically by introducing the dynamic envelope theorem and the method of comparative dynamics early in the exposition. Accordingly, motivated and economically revealing proofs of the transversality conditions come about by use of the dynamic envelope theorem. Furthermore, such sequencing of the material naturally leads to the development of the primal-dual method of comparative dynamics and dynamic duality theory, two modern approaches used to tease out the empirical content of optimal control models. The stylistic approach ultimately draws attention to the empirical richness of optimal control theory, a feature missing in virtually all other textbooks of this type.

    Reviews

    "Michael Caputo's Foundations of Dynamic Economic Analysis presents a well-written, complete, up to date exposition of the theory and techniques of dynamic optimization applied to a variety of economics problems. Of special interest is the presentation of Caputo's generalization of Silberberg's primal-dual approach to comparative statics and comparative dynamics." -Morton Kamien, Northwestern University

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