Dynamic Economics : Optimization by the Lagrange Method.

Dynamic Economics : Optimization by the Lagrange Method.

This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers canunderstand the...

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Bibliographic Details
Main Author: Chow, Gregory C.
Format: eBook
Language:English
Published: New York : Oxford University Press, 2014.
Subjects:
Mathematical optimization.
Multipliers (Mathematical analysis)
Equilibrium (Economics)
Statics and dynamics (Social sciences)
Economic development.
economic development.
Economic development
Mathematical optimization
Online Access:Click for online access
Table of Contents:
  • Chapter One: Introduction; 1.1 Dynamic Economics and Optimization; 1.2 Methods of Dynamic Optimization; 1.3 Economic Growth; 1.4 Theories of Market Equilibrium; 1.5 Business Cycles; 1.6 Dynamic Games; 1.7 Models in Finance; 1.8 Models of Investment; 1.9 Numerical Methods for Solving First-Order Conditions in Dynamic Optimization Problems; Chapter Two: Dynamic Optimization in Discrete Time; 2.1 The Method of Lagrange Multipliers by an Example; 2.2 The Method of Dynamic Programming by an Example; 2.3 Solution of a Standard Dynamic Optimization Problem.
  • 4.3 A Pure Credit Economy with Linear Utility4.4 Money and Interest in a Cash-In-Advance Economy; 4.5 A One-Sector Model of General Equilibrium; 4.6 Equilibrium of a Multisector Model; 4.7 Equilibrium of a One-Sector Model with Tax Distortion; Problems; Chapter Five: Business Cycles; 5.1 Keynes and the Classics; 5.2 Dynamic Properties of a Multisector Model with Technology Shocks; 5.3 Estimating Economic Effects of Political Events in China; 5.4 Estimating and Testing a Base-Line Real Business Cycle Model; 5.5 Real Business Cycles and Labor Market Fluctuations.
  • 5.6 Oligopolistic Pricing and Aggregate Demand5.7 Research on Real Business Cycles; Problems; Chapter Six: Dynamic Games; 6.1 A Formulation of Models of Dynamic Games; 6.2 Price Determination of Duopolists with No Consumer Switching; 6.3 A Characterization of Subgame Perfect Equilibrium for Infinitely Repeated Games; 6.4 A Characterization of Subgame Perfect Equilibrium for Dynamic Games; 6.5 Credible Government Policy; 6.6 Credible Taxation to Redistribute Income; Problems; Chapter Seven: Models in Finance; 7.1 Stochastic Differential Equations.
  • 7.2 Dynamic Programming for a Continuous-Time Model7.3 Solution of a Continuous-Time Optimization Problem by Lagrange Multipliers; 7.4 An Algebraic Method for Finding the Optimal Control Function; 7.5 Optimum Consumption and Portfolio Selection Over Time; 7.6 Capital Asset Pricing with Shifts in Investment Opportunities; 7.7 The Pricing of Options and Corporate Liabilities; 7.8 Asset Pricing and Portfolio Selection with Noise in Supply; 7.9 Asset Pricing and Portfolio Selection with Asymmetric Information; 7.9a The Kalman Filter in Continuous Time; Problems.

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