E Book

Optimization in Economics and Finance

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: Optimal Models for Economics and Finance -- Mathematics of Optimal Control -- Computing Optimal Control : The SCOM package -- Computing Optimal Growth and Development Models -- Modelling Financial Investment with Growth -- Modelling Sustainable Development -- Modelling and Computing a Stochastic Growth Model -- Optimization in Welfare Economics -- Transversality Conditions for Infinite Horizon -- Conclusions.Many optimization questions arise in economics and finance; an important example of this is the society's choice of the optimum state of the economy (the social choice problem). Optimization in Economics and Finance extends and improves the usual optimization techniques, in a form that may be adopted for modeling social choice problems. Problems discussed include: when is an optimum reached; when is it unique; relaxation of the conventional convex (or concave) assumptions on an economic model; associated mathematical concepts such as invex and quasimax; multiobjective optimal control models; and related computational methods and programs. These techniques are applied to economic growth models (including small stochastic perturbations), finance and financial investment models (and the interaction between financial and production variables), modeling sustainability over long time horizons, boundary (transversality) conditions, and models with several conflicting objectives. Although the applications are general and illustrative, the models in this book provide examples of possible models for a society's social choice for an allocation that maximizes welfare and utilization of resources. As well as using existing computer programs for optimization of models, a new computer program, named SCOM, is presented in this book for computing social choice models by optimal control.

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Ketersediaan

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Informasi Detail

Judul Seri

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No. Panggil

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Penerbit

: .,

Deskripsi Fisik

XI, 161 p.online resource.

Bahasa

English

ISBN/ISSN

9780387242804

Klasifikasi

330.1

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

1st ed. 2005.

Subjek

Mathematical optimization.
Optimization.
Economic theory.
Economic Theory/Quantitative Economics/Mathematical Methods.
Finance.
Finance, general.
Public finance.
Public Economics.
Economic growth.
Econometrics.

Info Detail Spesifik

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Pernyataan Tanggungjawab

by Bruce D. Craven, Sardar M. N. Islam.

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