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2012 (Vol. 4, Issue: 3)
Article Information:

Optimal Control for Dummies

Marcus Davidsson
Corresponding Author:  Marcus Davidsson 

Key words:  Dynamic optimization, growth, macro economics, optimal control, , ,
Vol. 4 , (3): 88-94
Submitted Accepted Published
May 30, 2012 June 29, 2012 June 30, 2012
Abstract:

The aim of this study is to facilitate the teaching of optimal control in economics. Understanding optimal control can be challenging to say the least. This study discusses optimal control and its applications in economics. More specifically the famous Keynesian-Ramsey rule will be explored and discussed in detail. The same rule is also extensively used in resource economics to calculate the optimal extraction from for example a gold mine.
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  Cite this Reference:
Marcus Davidsson, 2012. Optimal Control for Dummies.  Current Research Journal of Economic Theory, 4(3): 88-94.
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ISSN (Online):  2042-485X
ISSN (Print):   2042-4841
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