Download or read book Optimal Control of a Macroeconomic System by Control System Engineering written by Michael Durrell Kennedy and published by . This book was released on 1968 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Control Methods for Linear Discrete Time Economic Systems written by Y. Murata and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: As our title reveals, we focus on optimal control methods and applications relevant to linear dynamic economic systems in discrete-time variables. We deal only with discrete cases simply because economic data are available in discrete forms, hence realistic economic policies should be established in discrete-time structures. Though many books have been written on optimal control in engineering, we see few on discrete-type optimal control. More over, since economic models take slightly different forms than do engineer ing ones, we need a comprehensive, self-contained treatment of linear optimal control applicable to discrete-time economic systems. The present work is intended to fill this need from the standpoint of contemporary macroeconomic stabilization. The work is organized as follows. In Chapter 1 we demonstrate instru ment instability in an economic stabilization problem and thereby establish the motivation for our departure into the optimal control world. Chapter 2 provides fundamental concepts and propositions for controlling linear deterministic discrete-time systems, together with some economic applica tions and numerical methods. Our optimal control rules are in the form of feedback from known state variables of the preceding period. When state variables are not observable or are accessible only with observation errors, we must obtain appropriate proxies for these variables, which are called "observers" in deterministic cases or "filters" in stochastic circumstances. In Chapters 3 and 4, respectively, Luenberger observers and Kalman filters are discussed, developed, and applied in various directions. Noticing that a separation principle lies between observer (or filter) and controller (cf.
Download or read book Optimal Control of macroeconomic systems written by Leonard Francis Buchanan and published by . This book was released on 1968 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Control Systems written by D. Subbaram Naidu and published by CRC Press. This book was released on 2018-10-03 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of optimal control systems has grown and flourished since the 1960's. Many texts, written on varying levels of sophistication, have been published on the subject. Yet even those purportedly designed for beginners in the field are often riddled with complex theorems, and many treatments fail to include topics that are essential to a thorough grounding in the various aspects of and approaches to optimal control. Optimal Control Systems provides a comprehensive but accessible treatment of the subject with just the right degree of mathematical rigor to be complete but practical. It provides a solid bridge between "traditional" optimization using the calculus of variations and what is called "modern" optimal control. It also treats both continuous-time and discrete-time optimal control systems, giving students a firm grasp on both methods. Among this book's most outstanding features is a summary table that accompanies each topic or problem and includes a statement of the problem with a step-by-step solution. Students will also gain valuable experience in using industry-standard MATLAB and SIMULINK software, including the Control System and Symbolic Math Toolboxes. Diverse applications across fields from power engineering to medicine make a foundation in optimal control systems an essential part of an engineer's background. This clear, streamlined presentation is ideal for a graduate level course on control systems and as a quick reference for working engineers.
Download or read book Optimal Control of Linear Discrete Macroeconomic Systems written by Kioumars Paryani and published by . This book was released on 1972 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Sequential Open loop Optimal Control of a Nonlinear Macroeconomic Model written by Michael Athans and published by . This book was released on 1975 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Filtering and Control of Macroeconomic Systems written by M.J.M. Rao and published by Elsevier. This book was released on 2013-10-22 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in computer technology, coupled with the sophistication of econometric modelling, have enabled rapid progress in the formulation and solution of optimal control and filtering programmes, especially in the sphere of macroeconomic policy designing. These developments in systems methodology have prompted the need for an interface between optimal control theory and dynamic macroeconomic analysis. The implications of this convergence have already aroused a great deal of research, but it remains to be seen whether policy makers in most developing countries will consider actually incorporating these techniques into planning. The author argues that control and systems theory can be of immense help in stabilizing those economies plagued by cyclical and structural problems. By demonstrating the applicability of control & filter theory to short-term macroeconomic planning, this book illuminates the impressive array of problems that can thereby be solved, and helps foster a closer working relationship between economists and control theorists. The work deals specifically with the construction of a Kalman filter mechanism, for deriving short-term optimal economic policies under conditions of uncertainty. It specifies and resolves a macroeconometric model which is linked to a unique observation sub-system of a given economy, congruent with the errors in information signalling which are prevalent within the data base context of most developing countries. An evaluation of control settings contrasts short and long-term economic policies. This indicates that an economy may `overheat' under protracted settings of instrument values around their optimal levels if the constraints on the system, in the form of external shocks, are too great to allow reaching all targets simultaneously using feasible instrument paths.
Download or read book Optimal Control Theory and Static Optimization in Economics written by Daniel Léonard and published by Cambridge University Press. This book was released on 1992-01-31 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This textbook is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigour. Economic intuitions are emphasized, and examples and problem sets covering a wide range of applications in economics are provided to assist in the learning process. Theorems are clearly stated and their proofs are carefully explained. The development of the text is gradual and fully integrated, beginning with simple formulations and progressing to advanced topics such as control parameters, jumps in state variables, and bounded state space. For greater economy and elegance, optimal control theory is introduced directly, without recourse to the calculus of variations. The connection with the latter and with dynamic programming is explained in a separate chapter. A second purpose of the book is to draw the parallel between optimal control theory and static optimization. Chapter 1 provides an extensive treatment of constrained and unconstrained maximization, with emphasis on economic insight and applications. Starting from basic concepts, it derives and explains important results, including the envelope theorem and the method of comparative statics. This chapter may be used for a course in static optimization. The book is largely self-contained. No previous knowledge of differential equations is required.
Download or read book Optimal Control and System Theory in Dynamic Economic Analysis written by Masanao Aoki and published by North-Holland. This book was released on 1976 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimal Control of Linear Discrete Macro economic Systems written by Kioumars Paryani and published by . This book was released on 1972 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Observers and Macroeconomic Systems written by Ric D. Herbert and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Observers and Macroeconomic Systems is concerned with the computational aspects of using a control-theoretic approach to the analysis of dynamic macroeconomic systems. The focus is on using a separate model for the development of the control policies. In particular, it uses the observer-based approach whereby the separate model learns to behave in a similar manner to the economic system through output-injections. The book shows how this approach can be used to learn the forward-looking behaviour of economic actors which is a distinguishing feature of dynamic macroeconomic models. It also shows how it can be used in conjunction with low-order models to undertake policy analysis with a large practical econometric model. This overcomes some of the computational problems arising from using just the large econometric models to compute optimal policy trajectories. The work also develops visual simulation software tools that can be used for policy analysis with dynamic macroeconomic systems.
Download or read book Choice of Performance Index for the Optimal Control of Macroeconomic Systems written by Jong-goo Park and published by . This book was released on 1973 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Control Theory and Dynamic Games in Economic Policy Analysis written by Maria Luisa Petit and published by Cambridge University Press. This book was released on 1990 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the stabilisation and control of centralised policy-making and its economic implications.
Download or read book Optimal Control Theory written by Suresh P. Sethi and published by Springer Nature. This book was released on 2022-01-03 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new 4th edition offers an introduction to optimal control theory and its diverse applications in management science and economics. It introduces students to the concept of the maximum principle in continuous (as well as discrete) time by combining dynamic programming and Kuhn-Tucker theory. While some mathematical background is needed, the emphasis of the book is not on mathematical rigor, but on modeling realistic situations encountered in business and economics. It applies optimal control theory to the functional areas of management including finance, production and marketing, as well as the economics of growth and of natural resources. In addition, it features material on stochastic Nash and Stackelberg differential games and an adverse selection model in the principal-agent framework. Exercises are included in each chapter, while the answers to selected exercises help deepen readers’ understanding of the material covered. Also included are appendices of supplementary material on the solution of differential equations, the calculus of variations and its ties to the maximum principle, and special topics including the Kalman filter, certainty equivalence, singular control, a global saddle point theorem, Sethi-Skiba points, and distributed parameter systems. Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as the foundation for the book, in which the author applies it to business management problems developed from his own research and classroom instruction. The new edition has been refined and updated, making it a valuable resource for graduate courses on applied optimal control theory, but also for financial and industrial engineers, economists, and operational researchers interested in applying dynamic optimization in their fields.
Download or read book Optimal Control and Estimation written by Robert F. Stengel and published by Courier Corporation. This book was released on 2012-10-16 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Graduate-level text provides introduction to optimal control theory for stochastic systems, emphasizing application of basic concepts to real problems. "Invaluable as a reference for those already familiar with the subject." — Automatica.
Download or read book An Introduction to Optimal Control Problems in Life Sciences and Economics written by Sebastian Aniţa and published by Springer Science & Business Media. This book was released on 2011-05-05 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining control theory and modeling, this textbook introduces and builds on methods for simulating and tackling concrete problems in a variety of applied sciences. Emphasizing "learning by doing," the authors focus on examples and applications to real-world problems. An elementary presentation of advanced concepts, proofs to introduce new ideas, and carefully presented MATLAB® programs help foster an understanding of the basics, but also lead the way to new, independent research. With minimal prerequisites and exercises in each chapter, this work serves as an excellent textbook and reference for graduate and advanced undergraduate students, researchers, and practitioners in mathematics, physics, engineering, computer science, as well as biology, biotechnology, economics, and finance.
Download or read book Optimal Control of a Macroeconomic Model with Estimated Coefficients written by Roger Craine and published by . This book was released on 1976 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
