Optimal Control, Expectations and Uncertainty by Sean Holly (English) Hardcover

Description: Optimal Control, Expectations and Uncertainty by Sean Holly, Andrew Hughes Hallet An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description The rational expectations revolution and other developments in economics (notably game theory) have fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, they have shown that economic systems cannot be modeled simplistically on physical systems. However, as the authors show, these developments have greatly enhanced our understanding of how an economy functions, and now make it possible for optimal control theory to be applied much more effectively to economic modeling and planning. Author Biography Sean Holly is Professional Fellow at Fitzwilliam College and Director of Research at the Faculty of Economics, University of Cambridge. Table of Contents Preface; 1. Introduction; 2. The theory of economic policy and the linear model; 3. Optimal-policy design; 4. Uncertainty and risk; 5. Risk aversion, priorities and achievements; 6. Non-linear optimal control; 7. The linear rational-expectations model; 8. Policy design for rational-expectations models; 9. Non-cooperative, full-information dynamic games; 10. Incomplete information, bargaining and social optima; Notes; References; Index. Review "...a nicely written book that covers a wealth of optimization tools originating from optimal and stochastic control and game theory, in a context of policy making in economics...a good introduction to the topic for those who would want to pursue research in dynamic decision making under uncertainty." Tamer Ba^D,sar, Mathematical Reviews Promotional An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions. Review Quote "...a nicely written book that covers a wealth of optimization tools originating from optimal and stochastic control and game theory, in a context of policy making in economics....a good introduction to the topic for those who would want to pursue research in dynamic decision making under uncertainty." Tamer Ba^D,sar, Mathematical Reviews Promotional "Headline" An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions. Description for Bookstore The rational expectations revolution (notably game theory) has fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, it has shown that economic systems cannot be modelled simplistically on physical systems. However, as the authors of this volume show, this and other economic developments have greatly enhanced our understanding of how an economy functions. Description for Library The rational expectations revolution (notably game theory) has fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, it has shown that economic systems cannot be modelled simplistically on physical systems. However, as the authors of this volume show, this and other economic developments have greatly enhanced our understanding of how an economy functions. Details ISBN0521264448 Author Andrew Hughes Hallet Short Title OPTIMAL CONTROL EXPECTATIONS & Pages 260 Publisher Cambridge University Press Language English ISBN-10 0521264448 ISBN-13 9780521264440 Media Book Format Hardcover Imprint Cambridge University Press Place of Publication Cambridge Country of Publication United Kingdom Illustrations Illustrations Affiliation University of Cambridge DOI 10.1604/9780521264440 UK Release Date 1989-07-20 AU Release Date 1989-07-20 NZ Release Date 1989-07-20 Year 1989 Publication Date 1989-07-20 Alternative 9780511521973 DEWEY 330.0151 Audience Professional & Vocational We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:91386735;

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