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Stochastic Optimization and Economic Models pp 53–122Cite as

Recent Economic Models in Applied Optimal Control

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Part of the book series: Theory and Decision Library ((TDLB,volume 2))

Abstract

Recent economic applications of optimal and adaptive control theory have increased our understanding of the meaning of optimality in a dynamic horizon e.g., the shadow prices or adjoint variables along the optimal trajectory, their stability properties and the implications of a steady state value. Optimal control models are now increasingly applied to newer areas of economic theory, of which some illustrative examples would be discussed here as follows:

  1. A.

    Models of differential market games,

  2. B.

    Stabilization policy in cartelized markets,

  3. C.

    Adaptive controls in economic models and,

  4. D.

    Models of renewable resources under uncertainty.

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Authors and Affiliations

  1. Department of Economics, University of California, Santa Barbara, California, USA

    Jati K. Sengupta (Professor of Economics and Operations Research)

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  1. Jati K. Sengupta
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© 1986 Springer Science+Business Media Dordrecht

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Sengupta, J.K. (1986). Recent Economic Models in Applied Optimal Control. In: Stochastic Optimization and Economic Models. Theory and Decision Library, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-3085-3_3

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  • DOI: https://doi.org/10.1007/978-94-017-3085-3_3

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-90-481-8426-2

  • Online ISBN: 978-94-017-3085-3

  • eBook Packages: Springer Book Archive

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