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9780674025769

Income, Wealth, and the Maximum Principle

by
  • ISBN13:

    9780674025769

  • ISBN10:

    0674025768

  • Format: Paperback
  • Copyright: 2007-09-30
  • Publisher: Harvard Univ Pr

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Summary

This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely. Its unified framework illuminates many famous economic examples and models. This work also emphasizes the connection between optimal control theory and the classical themes of capital theory. It offers a fresh approach to fundamental questions such as: What is income? How should it be measured? What is its relation to wealth? The book will be valuable to students who want to formulate and solve dynamic allocation problems. It will also be of interest to any economist who wants to understand results of the latest research on the relationship between comprehensive income accounting and wealth or welfare.

Table of Contents

Preface
Introduction
Introduction to the Maximum Principle
The Calculus of Variations and the Stationary Rate of Return on Capital
The Prototype-Economic Control Problem
The Maximum Principle in One Dimension
Applications of the Maximum Principle in One Dimension
Comprehensive Accounting and the Maximum Principle
Optimal Multisector Growth and Dynamic Competitive Equilibrium
The Pure Theory of Perfectly Complete National Income Accounting
The Stochastic Wealth and Income Version of the Maximum Principle
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

Supplemental Materials

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The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

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