Optimal Control Theory: Applications to Management Science and Economics
Optimal Control Theory: Applications to Management Science and Economics
English | 2022 | ISBN: 3030917444 | 533 Pages | PDF EPUB | 24 MB
English | 2022 | ISBN: 3030917444 | 533 Pages | PDF EPUB | 24 MB
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.