Elements of Dynamic Optimization

Book Description

In this volume Dr. Chiang introduces readers to the most important methods of dynamic optimization used in economics. The classical calculus of variations, optimal control theory, and dynamic programming in its discrete form are explained in the usual Chiang fashion--with patience and thoroughness. The economic examples, selected from both classical and recent literature, serve not only to illustrate applications of the mathematical methods, but also to provide a useful glimpse of the development of thinking in several areas of economics. Outstanding features include: (1) written with clarity and a comparable level of expository patience; (2) reinforces discussions of mathematical techniques with numerical illustrations, economic examples, and exercise problems; (3) presents a simple problem with a well- known solution in several different alternative formulations in the numerical illustrations; and (4) explains economic models in a step-by-step manner (from the initial construction through the intricacies of mathematical analysis to its final solution).

Customer Reviews:

I agree. He did it again........2007-09-02

Yes, he did it again. He simply explains it clearly.

Not a serious book for graduate students, but for undergraduates: this book is just in the middle of two levels.

Very Good Introduction.......2005-03-23

This book provides an introduction to the advanced subject of dynamic optimization in an easy to comprehend manner. For students with no previous background in the subject, it is the best book in the market.If you are familiar with Chiang's Fundamental Methods of Mathematical Economics, you can expect the same level of comfort. There are plenty of examples in the text and all the aspects of the subject are covered. A valuable book to own and deserves the 5 stars.

Learn the stuff before writing a textbook.......2002-08-30

This book may be great for students. I has many good examples, is well written and generally looks good. HOWEVER, for anyone who actually knows optimal control theory it is clear that the book has several flaws. The worst example is the section on transversality conditions in infinite horizon problems. Chiang simply has no idea what he is talking about.

Better than any of the courses I had attented........2001-02-22

The book of professor Chiang is not simply a good introductory text to dynamic optimization in the continuous-time form, but also provides a tight explanation of the related original economic models. It is better than any of the courses most people had attented before. I wish a similar book will appear soon, developing dynamic optimization tools, and especially optimal control in the discret-time form.

Elements of Dynamic Optimization.......2000-07-17

Very few people have the quality of expressing ideas and concepts with such clarity and simplicity as Professor Chinag has done. If you are new to dynamic optimization, particularly calculus and variation and optimal control theory you had better start with this treatise.

Neuro-Dynamic Programming (Optimization and Neural Computation Series, 3)

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Neuro-Dynamic Programming (Optimization and Neural Computation Series, 3)
Dimitri P. Bertsekas , and John N. Tsitsiklis
Manufacturer: Athena Scientific
ProductGroup: Book
Binding: Hardcover

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ASIN: 1886529108

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Nonlinear Dynamics and Statistics

Manufacturer: Birkhäuser Boston
ProductGroup: Book
Binding: Hardcover

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ASIN: 0817641637

Book Description

Recently, a great deal of progress has been made in the modeling and understanding of processes with nonlinear dynamics, even when only time series data are available. Modern reconstruction theory deals with creating nonlinear dynamical models from data and is at the heart of this improved understanding. Most of the work has been done by dynamicists, but for the subject to reach maturity, statisticians and signal processing engineers need to provide input both to the theory and to the practice. The book brings together different approaches to nonlinear time series analysis in order to begin a synthesis that will lead to better theory and practice in all the related areas. This book describes the state of the art in nonlinear dynamical reconstruction theory. The chapters are based upon a workshop held at the Isaac Newton Institute, Cambridge University, UK, in late 1998. The book's chapters present theory and methods topics by leading researchers in applied and theoretical nonlinear dynamics, statistics, probability, and systems theory. Features and topics: * disentangling uncertainty and error: the predictability of nonlinear systems * achieving good nonlinear models * delay reconstructions: dynamics vs. statistics * introduction to Monte Carlo Methods for Bayesian Data Analysis * latest results in extracting dynamical behavior via Markov Models * data compression, dynamics and stationarity Professionals, researchers, and advanced graduates in nonlinear dynamics, probability, optimization, and systems theory will find the book a useful resource and guide to current developments in the subject.

Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics)

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Great clear textbook
Chiang's book is best.
A must book for every serious economics student

Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics)
Morton I. Kamien , and Nancy L. Schwartz
Manufacturer: Elsevier Science
ProductGroup: Book
Binding: Hardcover

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ASIN: 0444016090

Book Description

The long awaited second edition of Dynamic Optimization is now available. Clear exposition and numerous worked examples made the first edition the premier text on this subject. Now, the new edition is expanded and updated to include essential coverage of current developments on differential games, especially as they apply to important economic questions; new developments in comparative dynamics; and new material on optimal control with integral state equations.

The second edition of Dynamic Optimization provides expert coverage on:- methods of calculus of variations - optimal control - continuous dynamic programming - stochastic optimal control -differential games. The authors also include appendices on static optimization and on differential games.

Now in its new updated and expanded edition, Dynamic Optimization is, more than ever, the optimum choice for graduate and advanced undergraduate courses in economics, mathematical methods in economics and dynamic optimization, management science, mathematics and engineering.

New features of Dynamic Optimization will show students:advances in how to do comparative dynamics; how to optimally switch from one state equation to another during the planning period; how to take into account the history of the system governing an optimization problem through the use of an integral state equation; and how to apply differential games to problems in economics and management sciences.

Customer Reviews:

Great clear textbook.......2007-01-27

I believe this was the first textbook to introduce dynamic optimization to economists. It's simply and clearly written. Each chapter introduces a new development, goes into the theory behind it and gives examples, in just a few pages so you can go through it in bite-sized chunks. The style is unfussy but doesn't talk down to you. Two appendices explain important theorems in calculus and differential equations, briefly but in enough detail to be usable if you aren't familiar with those parts of the maths. This is an excellent textbook, although I can't compare it with the competition.

Chiang's book is best........2001-05-04

This book is decent, but I think that Chiang book is better that this book, I recommend "Elements of Dynamic Optimization" from Alpha Chiang (ISBN: 157766096X), it's better.

A must book for every serious economics student.......2001-02-15

There is no doubt that to master in advanced economics one should have a firm grasp on mathematical tools. Kamien and Schwartz's Dynamiz Optimization is the perfect book to this end. Actually it deserves a rating more than five stars.

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Evolutionary Structural Optimization
Y. M. Xie , and Grant P. Steven
Manufacturer: Springer-Verlag Telos
ProductGroup: Book
Binding: Hardcover

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ASIN: 3540761535

Book Description

Evolutionary Structural Optimization (ESO) is a design method based on the simple concept of gradually removing inefficient material from a structure as it is being designed. Through this method, the resulting structure will evolve towards its optimum shape. The latest techniques and results of ESO are presented here, illustrated by numerous clear and detailed examples. Sections cover the fundamental aspects of the method, the application to multiple load cases and multiple support environments, frequency optimization, stiffness and displacement constraints, buckling, jointed frame structures, shape optimization, and stress reduction. This is followed by a section describing Evolve97, a software package which will allow readers to try the ideas of ESO themselves and to solve their optimization problems. This software is provided on a computer diskette which accompanies the book.

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Comments by experts in the field.......1999-11-17

"Thanks for writing such an interesting and inspiring book", Professor Scott Burns, University of Illinois at Urbana-Champaign, who is the Associate Editor for the ASCE Journal of Structural Engineering, handling all of the papers on structural optimization.

"From another viewpoint on topology optimization we also recommend the most stimulating book, Evolutionary Structural Optimization", Professor Ernest Hinton, University College of Swansea, U.K., who is the co-author of a recent book entitled 'Homogenization and Structural Topology Optimization'.

"This book is a most interesting and innovative addtion to the literature on structural mechanics. It will find a place in all design office libraries where structural efficiency is being studied to improve the component, whether it be a machine part, a structural member of an aircraft or any other system where stress, weight and cost are important. This is a pioneering book, well worth reading by the serious student or practitioner in the field of structural mechanics", Professor John Meek, University of Queensland, Australia, who is the author of a book entitled 'Computer Methods in Structural Analysis'.

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Foundations of Dynamic Economic Analysis: Optimal Control Theory and Applications
Michael R. Caputo
Manufacturer: Cambridge University Press
ProductGroup: Book
Binding: Paperback

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Optimal Control Theory: Applications to Management Science and Economics

ASIN: 0521603684

Book Description

Presenting a thorough introductory exposition of optimal control theory, this work differs from the existing textbooks on the subject due to its emphasis on the economic interpretation of the mathematics and the qualitative properties of the solutions. Moreover, it is a modern exposition of optimal control theory in that it presents numerous complementary methods. It is aimed at first-year and second-year PhD students in economics, agricultural and resource economics, operations research, management science, and applied mathematics.

H-Infinity Optimal Control and Related Minimax Design Problems: A Dynamic Game Approach (Systems & Control: Foundations & Applications)

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H-Infinity Optimal Control and Related Minimax Design Problems: A Dynamic Game Approach (Systems & Control: Foundations & Applications)
Tamer Basar , and Pierre Bernhard
Manufacturer: Birkhäuser Boston
ProductGroup: Book
Binding: Hardcover

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ASIN: 0817638148

Book Description

One of the major concentrated activities of the past decade in control theory has been the development of the so-called 'H-infinity-optimal control theory', which addresses the issue of worst-case controller design for linear plants subject to unknown disturbances and plant uncertainties.

This second edition features a more streamlined presentation of the results included in the first edition and also contains substantial new material, reflecting new developments in the field since 1991. Among these are the nonlinear theory; connections between H-infinity-optimal control and risk sensitive stochastic control problems; H-infinity filtering for linear and nonlinear systems; and robustness considerations in the presence of regular and singular perturbations. Also included are a rather detailed description of the relationship between frequency-and time-domain approaches to robust controller design, and a complete set of results on the existence of value and characterization of optimal policies in finite- and infinite-horizon LQ differential games.

Book Description

Many optimization questions arise in economics and finance; an important example of this is the society's choice of the optimum state of the economy (the social choice problem). Optimization in Economics and Finance extends and improves the usual optimization techniques, in a form that may be adopted for modeling social choice problems. Problems discussed include: when is an optimum reached; when is it unique; relaxation of the conventional convex (or concave) assumptions on an economic model; associated mathematical concepts such as invex and quasimax; multiobjective optimal control models; and related computational methods and programs. These techniques are applied to economic growth models (including small stochastic perturbations), finance and financial investment models (and the interaction between financial and production variables), modeling sustainability over long time horizons, boundary (transversality) conditions, and models with several conflicting objectives. Although the applications are general and illustrative, the models in this book provide examples of possible models for a society's social choice for an allocation that maximizes welfare and utilization of resources. As well as using existing computer programs for optimization of models, a new computer program, named SCOM, is presented in this book for computing social choice models by optimal control.

Global Optimization: Scientific and Engineering Case Studies (Nonconvex Optimization and Its Applications)

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Global Optimization: Scientific and Engineering Case Studies (Nonconvex Optimization and Its Applications)

Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 0387304088

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Optimization models based on a nonlinear systems description often possess multiple local optima. The objective of global optimization (GO) is to find the best possible solution of multiextremal problems. This volume illustrates the applicability of GO modeling techniques and solution strategies to real-world problems.

The contributed chapters cover a broad range of applications from agroecosystem management, assembly line design, bioinformatics, biophysics, black box systems optimization, cellular mobile network design, chemical process optimization, chemical product design, composite structure design, computational modeling of atomic and molecular structures, controller design for induction motors, electrical engineering design, feeding strategies in animal husbandry, the inverse position problem in kinematics, laser design, learning in neural nets, mechanical engineering design, numerical solution of equations, radiotherapy planning, robot design, and satellite data analysis. The solution strategies discussed encompass a range of practically viable methods, including both theoretically rigorous and heuristic approaches.

Design and Optimization of Thermal Systems

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Design and Optimization of Thermal Systems
Yogesh Jaluria
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Hardcover

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ASIN: 0070323887

Book Description

This new text presents the basic concepts and procedures for the design and optimization of thermal systems. Through a variety of open-ended problems and examples, Design and Optimization of Thermal Systems discusses conceptual design, formulation, modeling, simulation, synthesis, and optimization. Computational simulations are also presented as important ingredients in the design process. The text takes the reader from simple systems to full-scale practical systems in industry. Sample computer programs, material properties, and other useful information is also included.

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