Optimal Control Theory for Undergraduates

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Optimal Control Theory for Undergraduates

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Ernst Juerg Weber () (Department of Economics, The University of Western Australia)

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Ernst Juerg Weber

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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Publisher 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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Find related papers by JEL classification:
A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

This paper has been announced in the following NEP Reports:

NEP-ALL-2006-06-03 (All new papers)
NEP-CMP-2006-06-03 (Computational Economics)
NEP-EDU-2006-06-03 (Education)

References listed on IDEAS
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Dorfman, Robert, 1969. "An Economic Interpretation of Optimal Control Theory," American Economic Review, American Economic Association, vol. 59(5), pages 817-31, December. [Downloadable!] (restricted)

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This page was last updated on 2009-11-14.

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