Mathematical techniques used by professional alpha c chiang dynamic optimization. Whereas a control theorist frequently sets up a mathematically feasible model to obtain results that permit economic interpretations, an economist is concerned more with the fidelity of the model in representing a real world problem, and results that are obtained (through possibly less mathematical analysis) are due largely to economic insight. Collaboration between the two groups of researchers has proven to be most successful in many instances nevertheless, the gap between them has existed for some time. The great success that has been achieved so far in utilizing modern control theory in economic systems should be attributed to the effort of control theorists as well as economists. Recent developments in dynamic utility, economic planning, and profit optimiza tion, for example, have been greatly influenced by results in optimal control, stabilization, estimation, optimization under conflicts, multi criteria optimization, control of large-scale systems, etc. Author: Pan-Tai Liu ISBN: 726 Genre: Juvenile Nonfiction File Size: 24.2 MB Format: PDF, Kindle Download: 697 Read: 657 As an outgrowth of the advancement in modern control theory during the past 20 years, dynamic modeling and analysis of economic systems has become an important subject in the study of economic theory.
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