Dynamic Policies of the Firm : An Optimal Control Approach

Online-Ressource (XIII, 445p. 54 illus)

online resource

A. State of the Art1. Introduction -- 2. A Survey of Dynamic Theories of the Firm -- 3. Some Predecessors -- B. Investment and Finance -- 4. A Dynamic Model of the Firm -- 5. Investment and Finance -- C. Production -- 6. Production, Employment, Finance and Investment -- 7. A Further Analysis -- 8. Production, Pollution, Finance and Investment -- D. Dynamic and Risky Environment -- 9. Production, Finance and Investment During a Business Cycle -- 10. Production and Investment with Technological Progress -- 11. Production, Finance and Investment When Demand is Uncertain -- 12. Epilogue -- Appendix 1. An Interpretation of the Maximum Principle -- 1. Introduction -- 2. Technical terms -- 3. The Maximum Principle of Pontryagin -- 4. Mixed control constraints -- 5. Pure state constraints -- 6. Problems with infinite horizon -- Appendix 2. Solutions of the Models of Chapter 3 -- 1. Introduction -- 2. A general solution procedure -- 3. The model of Jorgenson -- 4. The model of Gould -- 5. The model of Ludwig -- 6. The model of Lesourne and Leban -- 7. The model (s) of Leban and Lesourne -- 8. The model of Nickell -- 9. Summary -- Appendix 3. Solution of the Model of Chapter 4: A Step by Step Description -- 1. A reduced form of the model -- 2. Optimality conditions -- 3. Infeasible paths -- 4. Feasible paths -- 5. Final paths -- 6. Coupling procedure -- 6.1. Strings ending with path 5 -- 6.2. Strings ending with path 4 -- 7. Summary -- Appendix 4. Solutions of the Models in Chapters 5, 6 and 8: The Main Lines -- 1. Personal taxation model -- 2. NPV formulas of the model of Chapter 4 -- 3. Convex adjustment costs -- 3.1. Optimal trajectories -- 3.2. Net present value formulas -- 3.3. Extension of the planning period -- 3.4. Infinite time horizon -- 4. The model of Chapter 6 -- 5. Pollution model -- 5.1. Reformulation of the model -- 5.2. Solution procedure -- Appendix 5. Specific Problems in Solving the Models of Chapters 9 and 10 -- 1. Solution of the model of Chapter 9 -- 1.1. Optimality conditions -- 1.2. String 1002D2-1 -- 1.3. String 1-2-3-2-1 -- 2. The Maximum Principle for the model in Chapter 10 -- 2.1. The model -- 2.2. The trie -- 2.3. Necessary optimality conditions for a special case -- 2.4. Necessary conditions for the general model -- 3. Existence of steady state solution in Section 10.4 -- Appendix 6. Stochastic Dynamic Programming and the Additional Solutions and Mathematical Proofs of Chapter 11 -- 1. Stochastic dynamic programming -- 2. Additional solutions and mathematical proofs -- List of Symbols -- References -- Author Index.

10.1007/978-3-642-77884-1 [DOI]

ECONIS - Online Catalogue of the ZBW