Optimal Control Theory: Applications to Management Science and Economics

✍ Scribed by Suresh P. Sethi, Gerald L. Thompson (auth.)

• Publisher: Springer US
• Year: 2000
• Tongue: English
• Leaves: 510
• Edition: 2
• Category: Library

✦ Synopsis

Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the authors have applied to business management problems developed from their research and classroom instruction.

Sethi and Thompson have provided management science and economics communities with a thoroughly revised edition of their classic text on Optimal Control Theory. The new edition has been completely refined with careful attention to the text and graphic material presentation. Chapters cover a range of topics including finance, production and inventory problems, marketing problems, machine maintenance and replacement, problems of optimal consumption of natural resources, and applications of control theory to economics. The book contains new results that were not available when the first edition was published, as well as an expansion of the material on stochastic optimal control theory.

✦ Table of Contents

What is Optimal Control Theory?....Pages 1-22
The Maximum Principle: Continuous Time....Pages 23-55
The Maximum Principle: Mixed Inequality Constraints....Pages 57-95
The Maximum Principle: General Inequality Constraints....Pages 97-118
Applications to Finance....Pages 119-152
Applications to Production and Inventory....Pages 153-184
Applications to Marketing....Pages 185-215
The Maximum Principle: Discrete Time....Pages 217-239
Maintenance and Replacement....Pages 241-265
Applications to Natural Resources....Pages 267-288
Economic Applications....Pages 289-306
Differential Games, Distributed Systems, and Impulse Control....Pages 307-338
Stochastic Optimal Control....Pages 339-362

✦ Subjects

Optimization; Probability Theory and Stochastic Processes; Quantitative Finance; Systems Theory, Control; Operations Research/Decision Theory; Production/Logistics