MA 342 - Optimal Control Theory with Economic Applications

Institution:

Bates College

Subject:

Description:

Optimal control theory unifies numerous economic problems related to the creation and use of physical capital. This course introduces optimal control theory as a tool for dynamic optimization and applies that theory to a variety of classic economic problems involving capital. Among the economic problems examined are optimal use of a renewable resource, optimal use of a nonrenewable resource, and optimal economic growth when growth begets pollution. The course includes formally proving Pontryagin's maximum principle, which characterizes dynamic optima, in the special case context of common economic problems. Prerequisite(s): Mathematics 206 and one economics course. M. Murray.

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.bates.edu/

Phone Number:

(207) 786-6000

Regional Accreditation:

New England Association of Schools and Colleges

Calendar System:

Four-one-four plan

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