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National Economic Management with Stochastic Optimal Control: Simulations over History

In: Dynamic Systems Modeling and Optimal Control

Author

Listed:
  • Dipak Basu

    (Nagasaki University)

  • Victoria Miroshnik

Abstract

Optimal control techniques are popular tools for shaping quantitative economic policies. The works of Kendrick and Taylor (1970), Pindyck (1973), Buchanan (1968), Erickson (1973) and Norton (1969), among others, give the demonstration of a deterministic control solution for an econometric model. The example of a stochastic control solution is not so widespread, which is mainly due to serious computational problems even for a moderate-size model. The works of Holbrook (1974) and Fisher (1975) are excellent examples of a stochastic control solution.

Suggested Citation

  • Dipak Basu & Victoria Miroshnik, 2015. "National Economic Management with Stochastic Optimal Control: Simulations over History," Palgrave Macmillan Books, in: Dynamic Systems Modeling and Optimal Control, chapter 6, pages 128-143, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-50895-9_6
    DOI: 10.1057/9781137508959_6
    as

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