Elements of Dynamic Optimization

by Alpha C. Chiang

Book Overview

In this volume Dr. Chiang introduces readers to the most important methods of dynamic optimization used in economics. The classical calculus of variations, optimal control theory, and dynamic... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 007112568X
• ISBN13: 9780071125680
• Release Date: January 1992
• Publisher: Mcgraw Hill Higher Education
• Length: 480 Pages
• Weight: 1.10 lbs.

Customer Reviews

I agree. He did it again.

Yes, he did it again. He simply explains it clearly. Not a serious book for graduate students, but for undergraduates: this book is just in the middle of two levels.

Very Good Introduction

This book provides an introduction to the advanced subject of dynamic optimization in an easy to comprehend manner. For students with no previous background in the subject, it is the best book in the market.If you are familiar with Chiang's Fundamental Methods of Mathematical Economics, you can expect the same level of comfort. There are plenty of examples in the text and all the aspects of the subject are covered. A valuable book to own and deserves the 5 stars.

Elements of Dynamic Optimization

Very few people have the quality of expressing ideas and concepts with such clarity and simplicity as Professor Chinag has done. If you are new to dynamic optimization, particularly calculus and variation and optimal control theory you had better start with this treatise.

Chiang does it again.

No one in the field of mathematical economics has half of Chiang's skill for explaining difficult subjects in a complete, understandable manner. If this is your textbook, consider yourself fortunate. If it isn't, buy it anyways. You'll definitely come out ahead.

Easy to understand

Dynamic optimization has been performing a great role in the analysis of the resources allocation. Perhaps decades ago, one could think that the static optimization of objective functions was enough, but, once this book is read, one can see how important the dynamic tools are to understand the process of choosing an specific economic policy through time. Chiang illustrates us with many applications of every day's models, such as, the Phillips Curve (the trade-off between inflation and unemployment), the Ramsey Model of Growth, and so on. Not only the lecture is easy, but it is highly understandable, as well.