 GROWTH AND HARVEST WITHOUT CULTIVATION: AN INTRODUCTION TO DYNAMIC OPTIMIZATIONThomas Johnson No 259745, Department of Economics and Business - Archive from North Carolina State University, Department of Economics Abstract: This report presents the optimal control approach to dynamic optimization. The presentation begins with a simple two-period problem and a level of analysis that should be familiar to anyone who has had an intermediate level course in price theory. The form of this problem is changed slightly to lead smoothly to the development of the Maximum Principle of optimal control for many discrete time periods. This discrete time example is presented in a way that shows clearly the meaning of the Maximum Prinicple in continuous time. An example closely related to the examples given for optimization in discrete time is used to introduce the fundamentals of optimal control in continuous time and the use of phase diagrams for describing important characteristics of the solution. Appendixes provide a unified treatment of constrained optimization, nonlinear programming, and generalize the statement of the Optimal Control problem from the particular examples presented in the body of the report. Keywords: Farm Management; Research Methods/Statistical Methods (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ags:ncbuar:259745 Access Statistics for this paper More papers in Department of Economics and Business - Archive from North Carolina State University, Department of Economics |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.