Control Theory Methods in Economics

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. Softcover reprint of the original 1st ed. 1997

With this book, distinguished and notable contributors wish to honor Professor Charles S. Tapiero’s scientific achievements. Although it covers only a few of the directions Professor Tapiero has taken in his work, it presents important modern developments in theory and in diverse applications, as studied by his colleagues and followers, further advancing the topics Tapiero has been investigating. The book is divided into three parts featuring original contributions covering the following areas: general modeling and analysis; applications to marketing, economy and finance; and applications to operations and manufacturing.

Since the days of Lev Pontryagin and his associates, the discipline of Optimal Control has enjoyed a tremendous upswing – not only in terms of its mathematical foundations, but also with regard to numerous fields of application, which have given rise to highly active research areas. Few scholars, however, have been able to make contributions to both the mathematical developments and the (socio-)economic applications; Vladimir Veliov is one of them. In the course of his scientific career, he has contributed highly influential research on mathematical aspects of Optimal Control Theory, as well as applications in Economics and Operations Research. One of the hallmarks of his research is its impressive breadth. This volume, published on the occasion of his 65th birthday, accurately reflects that diversity.

Theory and application of a variety of mathematical techniques in economics are presented in this volume. Topics discussed include: martingale methods, stochastic processes, optimal stopping,

This book is more readable than his "Mathematical Economics" since it is not based on an axiomatic approach in dealing with the problems.
This book attempts to introduce some of the mathematical tools that are relevant to economics (espically micro). Proofs of the theorems are mostly omitted.