Dynamic Economics: Optimization by the Lagrange Method

Hardcover | April 30, 1999

byGregory C. Chow

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This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers canunderstand the approach and use it as they see fit. Instead of using dynamic programming, the author chooses instead to use the method of Lagrange multipliers in the analysis of dynamic optimization because it is easier and more efficient than dynamic programming, and allows readers to understandthe substance of dynamic economics better. The author treats a number of topics in economics, including economic growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems; it then moves to generalpropositions.

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From the Publisher

This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The author presents the optimization framework for dynamic economics in order that readers canunderstand the approach and use it as they see fit....

From the Jacket

Dynamic Economics presents the optimization framework for dynamic economics so that readers can understand and use it for applied and theoretical research. Chow shows how the method of Lagrange multipliers is easier and more efficient for solving dynamic optimization problems than dynamic programming, and allows readers to understand t...

Gregory C. Chow is Class of 1913 Professor of Political Economy, Professor of Econometrics, and Director of the Econometric Research Program at Princeton University. He has also advised the Prime Ministers of Taiwan and China on economic policy and reform. He is the author of numerous books, including Analysis and Control of Dynamic E...

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Format:HardcoverDimensions:248 pages, 9.21 × 6.42 × 1.3 inPublished:April 30, 1999Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195101928

ISBN - 13:9780195101928

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"Dynamic Economics convinced me of the usefulness of the Lagrange method....The book is very clear and easy to follow; applications are interesting and clearly treated."--Alberto Bisin, Massachusetts Institute of Technology