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Variational Methods in Economics

Editor

Listed:
  • Bliss, C. J.

Author

Listed:
  • Hadley, G.
  • Kemp, M. C.

Abstract

Advanced Textbooks in Economics, Volume 1: Variational Methods in Economics focuses on the application of variational methods in economics, including autonomous system, dynamic programming, and phase spaces and diagrams. The manuscript first elaborates on growth models in economics and calculus of variations. Discussions focus on connection with dynamic programming, variable end points-free boundaries, transversality at infinity, sensitivity analysis-end point changes, Weierstrass and Legendre necessary conditions, and phase diagrams and phase spaces. The text then ponders on the constraints of classical theory, including unbounded intervals of integration, free boundary conditions, comparison functions, normality, and the problem of Bolza. The publication explains two-sector models of optimal economic growth, optimal control theory, and connections with the classical theory. Topics include capital good immobile between industries, constrained state variables, linear control problems, conversion of a control problem into a problem of Lagrange, and the conversion of a nonautonomous system into an autonomous system. The book is a valuable source of information for economists and researchers interested in the variational methods in economics.

Suggested Citation

  • Hadley, G. & Kemp, M. C., 1971. "Variational Methods in Economics," Elsevier Monographs, Elsevier, edition 1, number 9780720436013 edited by Bliss, C. J..
    • Handle: RePEc:eee:monogr:9780720436013
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    Citations

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    Cited by:

    1. Caputo, Michael R., 2007. "The envelope theorem for locally differentiable Nash equilibria of finite horizon differential games," Games and Economic Behavior, Elsevier, vol. 61(2), pages 198-224, November.
    2. Llavador, Humberto & Roemer, John E. & Silvestre, Joaquim, 2011. "“A dynamic analysis of human welfare in a warming planet”," Journal of Public Economics, Elsevier, vol. 95(11), pages 1607-1620.
    3. R. Winkler & Javier Muñoz & José Cervera & José Bernardo & Gail Blattenberger & Joseph Kadane & Dennis Lindley & Allan Murphy & Robert Oliver & David Ríos-Insua, 1996. "Scoring rules and the evaluation of probabilities," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 5(1), pages 1-60, June.
    4. Lapan, Harvey E, 1976. "International Trade, Factor Market Distortions, and the Optimal Dynamic Subsidy," American Economic Review, American Economic Association, vol. 66(3), pages 335-346, June.
    5. Max Stevenson, 1993. "An Economic Analysis of Genetic Improvement Within a Commercial Livestock Population," Working Paper Series 26, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    6. McCauley, Joseph L., 1999. "The Futility of Utility: how market dynamics marginalize Adam Smith," MPRA Paper 2163, University Library of Munich, Germany.
    7. Jorge A. Becerril & Javier F. Rosenblueth, 2017. "The Importance of Being Normal, Regular and Proper in the Calculus of Variations," Journal of Optimization Theory and Applications, Springer, vol. 172(3), pages 759-773, March.
    8. Baker, C.B. & Barry, Peter J. & Lee, Warren F. & Olson, Carl E. & Hochman, Eithan & Rausser, Gordon S. & Kottke, Marvin W., 1977. "Economic Growth of the Agricultural Firm," Western Region Archives 260636, Western Region - Western Extension Directors Association (WEDA).
    9. Brady, Michael, 1984. "On the choice of optimal energy options at the city-metropolitan level," Energy, Elsevier, vol. 9(2), pages 183-187.
    10. Rochet, Jean-Charles, 2009. "Monopoly regulation without the Spence-Mirrlees assumption," Journal of Mathematical Economics, Elsevier, vol. 45(9-10), pages 693-700, September.
    11. van de Klundert, T.C.M.J. & Peters, P., 1986. "Price inertia in a macroeconomic model of monopolistic competition," Research Memorandum FEW 221, Tilburg University, School of Economics and Management.
    12. M. R. Caputo, 1998. "Economic Characterization of Reciprocal Isoperimetric Control Problems," Journal of Optimization Theory and Applications, Springer, vol. 98(2), pages 325-350, August.
    13. LaFrance, Jeffrey T., 1992. "Do Increased Commodity Prices Lead To More Or Less Soil Degradation?," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(1), pages 1-26, April.
    14. G M Hyman & L D Mayhew, 1983. "On the Geometry of Emergency Service Medical Provision in Cities," Environment and Planning A, , vol. 15(12), pages 1669-1690, December.
    15. Franz Wirl, 1994. "The ramsey model revisited: The optimality of cyclical consumption and growth," Journal of Economics, Springer, vol. 60(1), pages 81-98, February.
    16. C. Bruni & D. Iacoviello, 2004. "A Study on Abnormality in Variational and Optimal Control Problems," Journal of Optimization Theory and Applications, Springer, vol. 121(1), pages 41-64, April.
    17. B. Caillaud & R. Guesnerie & P. Rey & J. Tirole, 1988. "Government Intervention in Production and Incentives Theory: A Review of Recent Contributions," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 1-26, Spring.
    18. J H P Paelinck, 1979. "Interactive Groups with Related Limited Efficiency," Environment and Planning A, , vol. 11(10), pages 1179-1187, October.
    19. Caputo, Michael R. & Wilen, James E., 1995. "Optimality conditions and comparative statics for horizon and endpoint choices in optimal control theory," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 351-369.
    20. G. Feichtinger & F. Wirl, 2000. "Instabilities in Concave, Dynamic, Economic Optimization," Journal of Optimization Theory and Applications, Springer, vol. 107(2), pages 275-286, November.
    21. Praveen Kumar & Nisan Langberg, 2014. "Optimal Incentive Contracts and Information Cascades," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 3(1-2), pages 123-161.
    22. Michael Caputo, 1994. "The Slutsky matrix and homogeneity in intertemporal consumer theory," Journal of Economics, Springer, vol. 60(3), pages 255-279, October.
    23. Ngo Van Long, 1979. "Two Theorems on Generalized Diminishing Returns and their Applications to Economic Analysis," The Economic Record, The Economic Society of Australia, vol. 55(1), pages 58-63, March.
    24. M. R. Caputo, 1999. "Economic Characterization of Reciprocal Isoperimetric Control Problems Revisited," Journal of Optimization Theory and Applications, Springer, vol. 101(3), pages 723-730, June.

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