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Article Information:
Optimal Control for Dummies
Marcus Davidsson
Corresponding Author: Marcus Davidsson
Submitted: May 30, 2012
Accepted: June 29, 2012
Published: June 30, 2012 |
Abstract:
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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.
Key words: Dynamic optimization, growth, macro economics, optimal control, , ,
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Cite this Reference:
Marcus Davidsson, . Optimal Control for Dummies. Current Research Journal of Economic Theory, (3): 88-94.
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ISSN (Online): 2042-485X
ISSN (Print): 2042-4841 |
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