Optimal Control of Economic Processes: Models of the 2nd Generation

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IZA Seminar

Place: Schaumburg-Lippe-Str. 9, 53113 Bonn

Date: 09.10.2007, 12:15 - 13:30

   

Presentation by 

Gustav Feichtinger (Vienna University of Technology)
   

Abstract:

During the last forty years Pontryagin’s maximum principle has been proved to be a powerful tool in economic decision making. More recently, several extensions of standard optimal control models have been analysed. Among them are multiple equilibria and indifference points, optimal periodic solutions, multi-stage models and age/duration-structured models. The purpose of this talk is to illustrate these new developments by various examples. In particular, we present a three-compartment paradigm to model efficient control mechanisms of various forms of escalation.

   
   
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