Control Theory Methods in Economics

By: Jati Sengupta, Phillip Fanchon

Write A Review

Hardcover | 1 April 2002

At a Glance

Hardcover
272 Pages

Dimensions(cm)
24.13 x 16.51 x 1.91

Hardcover

$249.00

or 4 interest-free payments of $62.25 with

Ships in 5 to 7 business days

Control theory methods in economics have historically developed over three phases. The first involved basically the feedback control rules in a deterministic framework which were applied in macrodynamic models for analyzing stabilization policies. The second phase raised the issues of various types of inconsistencies in deterministic optimal control models due to changing information and other aspects of stochasticity. Rational expectations models have been extensively used in this plan to resolve some of the inconsistency problems. The third phase has recently focused on the various aspects of adaptive control. where stochasticity and information adaptivity are introduced in diverse ways e.g .â¢ risk adjustment and risk sensitivity of optimal control, recursive updating rules via Kalman filtering and weighted recursive least squares and variable structure control methods in nonlinear framework. Problems of efficient econometric estimation of optimal control models have now acquired significant importance. This monograph provides an integrated view of control theory methods, synthesizing the three phases from feedback control to stochastic control and from stochastic control to adaptive control. Aspects of econometric estimation are strongly emphasized here, since these are very important in empirical applications in economics.

Shipping

	Standard Shipping	Express Shipping
Metro postcodes:	$9.99	$14.95
Regional postcodes:	$9.99	$14.95
Rural postcodes:	$9.99	$14.95

Orders over $79.00 qualify for free shipping.

How to return your order

At Booktopia, we offer hassle-free returns in accordance with our returns policy. If you wish to return an item, please get in touch with Booktopia Customer Care.

Additional postage charges may be applicable.

Defective items

If there is a problem with any of the items received for your order then the Booktopia Customer Care team is ready to assist you.

For more info please visit our Help Centre.

Other Editions and Formats

Paperback

Published: 10th October 2012

View Product

Preface	p. ix
Introduction to Control Theory
Transition from the calculus of variations to optimal control	p. 1
Transition from theory to practice	p. 3
References
Continuous Time Models
Overview of control problems	p. 9
Observability and controllability	p. 10
Stability analysis	p. 15
The maximum principle	p. 32
Constraints	p. 39
Example 1; A limit pricing model	p. 41
Example 2; reaching a steady state cycle	p. 54
References
Discrete Time Models
Introduction	p. 63
General deterministic and discrete control problems	p. 63
The linear quadratic problem	p. 68
Analytic solution of the Riccati equation	p. 80
Equivalent dynamic equations	p. 83
Discrete control of nonlinear systems	p. 87
Observability and observers	p. 89
Economic examples	p. 89
References
Stochastic Control Theory
Introduction	p. 97
Stochastic processes under control	p. 97
Economic applications	p. 102
Kalman filtering methods	p. 117
Concluding remarks	p. 143
References
Economic Implications of Stochastic Control
Introduction	p. 147
Time inconsistency problems	p. 147
Short-run vs. long-run optimality	p. 152
Model of adjustment costs with rational expectations	p. 158
An application to new growth theory: dynamic adjustments with learning by doing	p. 160
Concluding remarks	p. 175
References
Variable Structure Systems
Introduction	p. 181
The variable structure control formulation	p. 181
A VSC approximation of an optimal control law	p. 191
Example; The expectations-augmented Phillips relation	p. 193
Concluding remarks	p. 207
References
Risk Sensitivity, Adjustment of Control and Estimation
Introduction	p. 211
Learning process in differential games	p. 211
Adjustment costs in portfolio models	p. 213
Econometric estimation of controlled systems	p. 232
Estimating transversality conditions	p. 239
Concluding remarks	p. 247
References
Appendix	p. 249
Index	p. 253
Table of Contents provided by Syndetics. All Rights Reserved.

Control Theory Methods in Economics

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

Other Editions and Formats

Paperback

More in Economics

The Great Transformation

China's Road from Revolution to Reform

The Bitcoin Standard

The Decentralized Alternative to Central Banking

The Millionaire Next Door

The Surprising Secrets of America's Wealthy

The Culture Code

The Secrets of Highly Successful Groups

A History of Central Banking and the Enslavement of Mankind

The Business Bible

How to build a successful business - and a life you love

The Trading Game

A Confession

Blindspotting

How to see what others miss

Psycho-Cybernetics (Updated and Expanded)

Psycho-cybernetics

Technofeudalism

What Killed Capitalism

Goliath's Curse

The History and Future of Societal Collapse

Keir Starmer

The Biography

The AI Con

How To Fight Big Tech's Hype and Create the Future We Want

Humankind

A Hopeful History â" from the presenter of the 2025 BBC âMoral Revolutionâ Reith lectures

The World for Sale

Money, Power and the Traders Who Barter the Earth's Resources

Mean Streak

A moral vacuum, a dodgy debt generator and a multi-billion-dollar government shake down - the powerful story of robodebt, WINNER of the Walkley Book Award 2025

Hillbilly Elegy

The Internationally Bestselling Memoir from Trump's Future Vice-President of the United States

How Europe Underdeveloped Africa

Factfulness

Ten Reasons We're Wrong About The World - And Why Things Are Better Than You Think

The World According to Star Wars

Abundance

How We Build a Better Future

1929

The Inside Story of The Greatest Crash in Wall Street History

Enshittification

Why Everything Suddenly Got Worse and What To Do About It

Think and Grow Rich

The Landmark Bestseller--Now Revised and Updated for the 21st Century

This product is categorised by