Income, Wealth, and the Maximum Principle

Income, Wealth, and the Maximum Principle

By: Martin L. Weitzman (author)Hardback

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This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely. Its unified framework illuminates many famous economic examples and models.

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About Author

Martin L. Weitzman is Professor of Economics, Harvard University.


Preface Introduction Part I. Introduction to the Maximum Principle 1. The Calculus of Variations and the Stationary Rate of Return on Capital 2. The Prototype-Economic Control Problem 3. The Maximum Principle in One Dimension 4. Applications of the Maximum Principle in One Dimension Part II. Comprehensive Accounting and the Maximum Principle 5. Optimal Multisector Growth and Dynamic Competitive Equilibrium 6. The Pure Theory of Perfectly Complete National Income Accounting 7. The Stochastic Wealth and Income Version of the Maximum Principle References Index

Product Details

  • publication date: 04/09/2007
  • ISBN13: 9780674025769
  • Format: Hardback, Paperback
  • Number Of Pages: 358
  • ID: 9780674025769
  • weight: 466
  • ISBN10: 0674025768

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