Elements of Dynamic Optimization

Features

• Cover Type: Hard Cover with 327 pages
• Published by: Waveland Pr Inc. December 23, 1999
• Written in: English
• ISBN 10 Number: 157766096X
• ISBN 13 Number: 978-1577660965
• Book Dimensions: 9.4 x 6.4 x 0.9 inches
• Weighs: 1.2 pounds

Product Description
In this volume Dr. Chiang introduces readers to the most important methods of dynamic optimization used in economics. The classical calculus of variations, optimal control theory, and dynamic programming in its discrete form are explained in the usual Chiang fashion--with patience and thoroughness. The economic examples, selected from both classical and recent literature, serve not only to illustrate applications of the mathematical methods, but also to provide a useful glimpse of the development of thinking in several areas of economics. Outstanding features include: (1) written with clarity and a comparable level of expository patience; (2) reinforces discussions of mathematical techniques with numerical illustrations, economic examples, and exercise problems; (3) presents a simple problem with a well- known solution in several different alternative formulations in the numerical illustrations; and (4) explains economic models in a step-by-step manner (from the initial construction through the intricacies of mathematical analysis to its final solution).

Publisher Description
Titles of related interest from Waveland Press: Ekelund-Hebert, A History of Economic Theory and Method, Fifth Edition (ISBN 9781577664864); Gramlich, A Guide to Benefit-Cost Analysis, 2/E (ISBN 9780881339888); McCloskey, Economical Writing, 2/E (ISBN 9781577660637); and Smith, Trade and Trade-Offs: Using Resources, Making Choices, and Taking Risks (ISBN 9781577660927).

Reader Reviews
This book provides an introduction to the advanced subject of dynamic optimization in an easy to comprehend manner. For students with no previous background in the subject, it is the best book in the market.If you are familiar with Chiang's Fundamental Methods of Mathematical Economics, you can expect the same level of comfort. There are plenty of examples in the text and all the aspects of the subject are covered. A valuable book to own and deserves the 5 stars.