Optimal Control Theory Econ.Applic.

Optimal Control Theory with Economic Applications by A. Seierstad and K. Sydsæter provides a comprehensive introduction to deterministic optimal control systems governed by ordinary differential equations, as well as an overview of the classical calculus of variations. This textbook includes numerous examples that apply the theory to various economics problems, such as economic growth, resource exploitation, pollution control, firm behaviour, and differential games. The book's emphasis on precision is notable, setting it apart from other literature in this area. The rigorous techniques presented are designed to help readers avoid common errors when applying control theory in economics. By exploring simple models, readers can gain a deeper understanding of the underlying principles and their relevance to real-world scenarios. With its focus on mathematical rigor and practical applications, Optimal Control Theory with Economic Applications is an ideal resource for those seeking to understand the fundamental concepts and techniques of optimal control systems.