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Introduction

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Abstract

The central economic problem of optimal allocation of scarce resources having alternative uses, at a point of time and over time, involves both static and dynamic optimization. The choice between less consumption now and more later—between short-term pain and long-term gain—is a dynamic optimization problem. So is the allocation of investment among the various sectors over the whole economic planning period.

Keywords

Admissible Control Terminal Time Dynamic Optimization Problem Observability Problem Bolza Problem 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 1984

Authors and Affiliations

  1. 1.Department of EconomicsThe University of CalgaryN. W. CalgaryCanada

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