Dynamic programming solutions for economic models requiring little information about the future
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Dynamic programming solutions for economic models requiring little information about the future by Hans Ulrich Buhl

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Published by Verlagsgruppe Athenäum/Hain/Hanstein in Königstein/Ts .
Written in English

Subjects:

  • Production functions (Economic theory),
  • Economics -- Mathematical models.

Book details:

Edition Notes

Bibliography: p. 174-180.

Statementby Hans Ulrich Buhl.
SeriesMathematical systems in economics ;, 86
Classifications
LC ClassificationsHB241 .B825 1983
The Physical Object
Pagination180 p. :
Number of Pages180
ID Numbers
Open LibraryOL2924201M
ISBN 103445023700
LC Control Number84158328

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I introduce and evaluate a new stochastic simulation method for dynamic economic models. It is based on recent work in the operations research and engineering literatures (Van Roy et al., , Powell, , Bertsekas, ), but also had an early application in economics (Wright and Williams, , Wright and Williams, ).The baseline method involves rewriting the household׳s dynamic Cited by: 1. Economic Study Differential Game International Economic Review Stackelberg Solution Dynamic Program Solution These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves. In order to include dynamic models in undergraduate Economics programs, some treatment of dynamic programming must be introduced in the course ofierings of Mathematics departments. Although the author’s main interest is Economics, dy-namic programming spans several disciplines in application including Astronomy, Physics, and Engineering. A general dynamic programming model can be easily formulated for a single dimension process from the principle of optimality. The programming situation involves a certain quantity of economic resources (space, finance, people, and equipment) which can be allocated to a number of different activities [2]. Dynamic programming is handy in solving File Size: KB.

Introduction to Dynamic Programming Applied to Economics Paulo Brito We will study the two workhorses of modern macro and financial economics, using dynamic programming methods: equation, xt+1 = g(xt,h(xt)), starting at x0, the solution {u. 1 Introduction to dynamic programming. • Course emphasizes methodological techniques and illustrates them through applications. • We start with discrete-time dynamic optimization. • Is optimization a ridiculous model of human behavior? Why or why not? File Size: KB. Dynamic Optimization in Continuous-Time Economic Models (A Guide for the Perplexed) Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management (Advanced Textbooks in Economics). Motivation: Solow’s growth model Most modern dynamic models of macroeconomics build on the framework described in Solow’s () paper.1 To motivate what is to follow, we start with a brief description of the Solow model. This model was set up to study a closed economy, and we will assume that there is a constant population. The model.

(A) Optimal Control vs. Dynamic Programming The method of dynamic programming is analagous, but different from optimal control in that optimal control uses continuous time while dynamic programming uses discrete time. Recall the general set-up of an optimal control model (we take the Cass-Koopmans growth model as an example): max u(c(t))e-rtdtFile Size: KB. DYNAMIC PROGRAMMING AND ITS APPLICATION IN ECONOMICS AND FINANCE A DISSERTATION 12 Contributions and Future Work Bibliography ix. List of Tables optimal growth model arising in economics. Dynamic Portfolio Problems) and). fully understand the intuition of dynamic programming, we begin with sim-ple models that are deterministic. Models which are stochastic and nonlinear will be considered in future lectures. 2Keyreading This lecture draws on the material in chapters 2 and 3 of “Dynamic Eco-nomics: Quantitative Methods and Applications” by Jérôme Adda and Rus-File Size: KB. Dynamic programming solutions for economic models requiring little information about the future. Königstein/Ts.: Verlagsgruppe Athenäum/Hain/Hanstein, © (OCoLC) Document Type: Book: All Authors / Contributors: Hans Ulrich Buhl.