Methodological Issues of Infinite Horizon / The Optimal Investment Path of a Firm / The Optimal Social Saving Behavior / Phase-Diagram Analysis / The Concavity/Convexity Sufficient Condition Againįour Basic Types of Constraints / Some Economic Applications Reformulated / The Economics of Exhaustible Resourcesħ.Married to Emily Chiang, he has a son Darryl, and a daughter Tracey. The Concavity/Convexity Sufficient Condition / The Legendre Necessary Condition / First and Second Variations The General Transversality Condition / Specialized Transversality Conditions / Three Generalizations / The Optimal Adjustment of Labor Demand Transversality Conditions for Variable-Endpoint Problems The Euler Equation / Some Special Cases / Two Generalizations of the Euler Equation / Dynamic Optimization of a Monopolist / Trading Off Inflation and Unemploymentģ. The Fundamental Problem of the Calculus of Variations Salient Features of Dynamic Optimization Problems / Variable Endpoints and Transversality Conditions / The Objective Functional / Alternative Approaches to Dynamic OptimizationĢ. I have learned and re-learned control theory from this book better than any other text.” - Abdul Qayum, Portland State University The author discusses the formal elements of problems in an informal way to facilitate an easy grasp of the crucial points. “This is the most understandable text I have come across on topics of optimization. Invaluable for teachers and students alike.” - Zuhair Al-Fakhouri, Wayne State University Chiang makes it insightful and natural for the reader, using the tools he has laid out, to go on to attack substantive and original research in dynamic macroeconomics. This book teaches, in a comprehensive and understandable way, how to use and formulate these models. Dynamic macroeconomics in the 1990s was about introducing various kinds of market imperfections and heterogeneity in the models available before. Bringing together tractable dynamics and a rich array of applications, it covers in depth some major analytical developments in dynamic macroeconomics. “Chiang has done it again.” - Henry Thompson, Auburn University This text is simply the best introduction to dynamic optimization I have ever seen.” - John McDermott, University of South Carolina Professor Chiang has a singular talent for clear exposition of complex mathematical concepts. “This book is immensely valuable, especially for students coming to this material for the first time.
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