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Optimal Control Theory for Undergraduates

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Author Info

  • Ernst Juerg Weber

    () (Department of Economics, The University of Western Australia)

Abstract

Dynamic optimization is widely used in financial economics, macroeconomics and resource economics. This is accounting for some tension between the undergraduate and graduate teaching of economics because most undergraduate programs still concentrate on static economic analysis. This paper shows how, with the help of the Microsoft Excel Solver tool, the principles of dynamic economics can be taught to students with minimal knowledge of calculus. As it is assumed that the reader has no prior knowledge of optimal control theory, some attention is paid to the main concepts of dynamic optimization.

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File URL: http://www.biz.uwa.edu.au/home/research/discussionworking_papers/economics/2005?f=148854
File Function: First version, 2005
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Bibliographic Info

Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 05-07.

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Length: 35 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:uwa:wpaper:05-07

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Keywords: Optimal Control Theory; Economic Education; Microsoft Excel;

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  1. Dorfman, Robert, 1969. "An Economic Interpretation of Optimal Control Theory," American Economic Review, American Economic Association, vol. 59(5), pages 817-31, December.
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