1. What is Optimal Control Theory? -- 2. The Maximum Principle: Continuous Time -- 3. The Maximum Principle: Mixed Inequality Constraints -- 4. The Maximum Principle: Pure State and Mixed Inequality Constraints -- 5. Applications to Finance -- 6. Applications to Production and Inventory -- 7....

"Production planning, operations and control are being transformed by digitization, creating opportunities for automation of decision making, reduction of delays in making and implementing decisions, and significant improvement of production system performance. Meanwhile, to remain competitive,...

This fully revised 3rd edition offers an introduction to optimal control theory and its diverse applications in management and economics. It brings to students the concept of the maximum principle in continuous and discrete time by using dynamic programming and Kuhn-Tucker theory. While some...

In a world dominated by uncertainty, modeling and understanding the optimal behavior of agents is of the utmost importance. Many problems in economics, finance, and actuarial science naturally require decision makers to undertake choices in stochastic environments. Examples include optimal...

This volume provides an integrated, modern treatment of control theory in economics. In addition to synthesizing the different phases of control theory methods, including feedback, stochastic and adaptive control, Control Theory Methods in Economics discusses several recent developments in...