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Optimal Firm Behaviour in the Context of Technological Progress and a Business Cycle

  • Onno van Hilten

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 352)

Table of contents

  1. Front Matter
    Pages N2-XII
  2. Onno van Hilten
    Pages 1-3
  3. Onno van Hilten
    Pages 5-17
  4. Onno van Hilten
    Pages 33-55
  5. Onno van Hilten
    Pages 57-84
  6. Onno van Hilten
    Pages 141-144
  7. Back Matter
    Pages 145-233

About this book

Introduction

This thesis is a theoretical study of the optimal dynamic policies of a, to some extent, slowly adjusting firm that faces an exogeneously given technological progress and an exogeneously given business cycle. It belongs to the area of mathematical economics. It is intended to appeal to mathematical economists in the first place, economists in the second place and mathematicians in the third place. It entails an attempt to stretch the limits of the application of deterministic dynamic optimisation to economics, in particular to firm behaviour. A well-known· Dutch economist (and trained mathematician) recently stated in 1 a local university newspaper that mathematical economists give economics a bad reputation, since they formulate their problems from a mathematical point of view and they are only interested in technical, mathematical problems. At the same time, however, "profound as economists may be, when it comes to extending or modifying the existing theory to make it applicable to a certain economic problem, an understanding of optimal control theory (which is the mathematical theory used in this thesis, ovh) based solely on heuristic arguments will often turn out to be inadequate" (SydS

Keywords

Financing Finanzierungspolitik Investionspolitik Investment Konjunkturzyklen Technologischer Fortschritt business cycle dynamic firm behaviour maximum principle optimal control optimization technological process theory of the firm

Authors and affiliations

  • Onno van Hilten
    • 1
  1. 1.Netherlands Energy Research Foundation ECNPettenThe Netherlands

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-662-02718-9
  • Copyright Information Springer-Verlag Berlin Heidelberg 1991
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-53563-8
  • Online ISBN 978-3-662-02718-9
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site
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