Delivery included to the United States

Optimal Control, Expectations and Uncertainty

Optimal Control, Expectations and Uncertainty

Hardback (20 Jul 1989)

  • $111.82
Add to basket

Includes delivery to the United States

10+ copies available online - Usually dispatched within 2-3 weeks

Other formats & editions

New
Paperback (14 Jan 2010) RRP $43.75 $40.32

Publisher's Synopsis

The rational expectations revolution and other developments in economics (notably game theory) have fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, they have shown that economic systems cannot be modelled simplistically on physical systems. However, as the authors of this volume show, these developments have greatly enhanced our understanding of how an economy functions, and now make it possible for optimal control theory to be applied much more effectively to economic modelling and planning. This book is divided into two parts. The first presents the orthodox framework but extends it to allow for multiplicative uncertainty, risk and non-linearities in the econometric model. The second part looks explicitly at the question of expectations. It provides methods by which forward-looking expectations can be treated jointly with the determination of economic policy. It also examines game-theoretic considerations - where, for instance, policy makers may have incentive to renege on their commitments.

About the Publisher

Cambridge University Press

Cambridge University Press dates from 1534 and is part of the University of Cambridge. We further the University's mission by disseminating knowledge in the pursuit of education, learning and research at the highest international levels of excellence.

Book information

ISBN: 9780521264440
Publisher: Cambridge University Press
Imprint: Cambridge University Press
Pub date:
DEWEY: 330.0151
DEWEY edition: 19
Language: English
Number of pages: 244
Weight: 511g
Height: 237mm
Width: 160mm
Spine width: 20mm