What Is Optimal Control Theory?

Suresh Sethi

Chapter 1 in Optimal Control Theory, 2021, pp 1-23 from Springer

Abstract: Abstract Optimal control theory is a branch of mathematics developed to find optimal ways to control a dynamic system. Thus the theory applies to many management science and economics problems that involve systems evolving over time. The chapter begins with basic concepts and definitions in optimal control, formulates simple optimal control problems in inventory management, marketing, and finance as examples, provides a history of the optimal control theory, defines some concepts in calculus, linear algebra, convex analysis, and notations used in the book, and concludes with a plan of the book. There are many exercises at the end of the chapter.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-030-91745-6_1

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DOI: 10.1007/978-3-030-91745-6_1

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