Chiang Elements Of Dynamic Optimization Pdf
Early applications of dynamic optimization to economics are due to Ramsey and Hotelling in the 1920s. At that time the mathematical technique used to solve dynamic problems was the calculus of variations. Therefore in the following section we flrst state in a concise way the calculus of variations problem. May 01, 1992 Elements of Dynamic Optimization by Alpha C. Chiang, 680, available at Book Depository with free delivery worldwide. We use cookies to give you the best possible experience. It is written at the same analytical level, with the same care, as.
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• • • • • • • A list of topics by session is given in the below. Course Meeting Times Lectures: 2 sessions / week, 1.5 hours / session Recitations: 1 session / week, 1.5 hours / session Description This course focuses on dynamic optimization methods, both in discrete and in continuous time. We approach these problems from a dynamic programming and optimal control perspective. We also study the dynamic systems that come from the solutions to these problems.
The course will illustrate how these techniques are useful in various applications, drawing on many economic examples. However, the focus will remain on gaining a general command of the tools so that they can be applied later in other classes. Prerequisites The prerequisites for this course are 14.06 Advanced Macroeconomics or permission of the instructor. Textbooks Required Stokey, Nancy L., and Robert E.
Lucas, Jr., with Edward C. Recursive Methods in Economic Dynamics. Cambridge, MA: Harvard University Press, 1989. Acemoglu, Daron. Princeton, NJ: Princeton University Press, 2008. Recommended Chiang, Alpha C. Elements of Dynamic Optimization.
Long Grove, IL: Waveland Press, 1999. Luenberger, David.
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Optimization by Vector Space Methods. New York, NY: Wiley-Interscience, 1997.
First published in 1969 by John Wiley and Sons, Inc. Kamien, Morton I., and Nancy L. Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management. San Diego, CA: Elsevier, 1991. Course Requirements There will be several problem sets and a final exam. The problem sets will cover numerical methods related to lecture material. This is one of over 2,200 courses on OCW.
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