Dynamic Economics: Optimization by the Lagrange Method
Gregory C. Chow
Abstract
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 book presents the optimization framework for dynamic economics to foster an understanding of the approach. Instead of using dynamic programming, the book 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 gives an understanding of the substance of dynamic economics better. The book trea ... More
Keywords: dynamic optimization, dynamic economics, Lagrange multipliers, economic growth, macroeconomics, microeconomics, finance, dynamic games
Bibliographic Information
| Print publication date: 1997 | Print ISBN-13: 9780195101928 |
| Published to Oxford Scholarship Online: October 2011 | DOI:10.1093/acprof:oso/9780195101928.001.0001 |
