Search Results - subject:"optimal control theory"

Wage Bargaining in an Optimal Control Framework: A Dynamic Version of the Right-to-Manage Model

Guerrazzi, Marco - Department of Economics, Open University - 2007

This paper aims to represent wage bargaining as an optimal control problem. Specifically, by assuming that employment follows a stock adjustment principle towards the level that maximises profits, i.e., towards labour demand, we build an intertemporal optimising model in which the real wage is...

Persistent link: https://www.econbiz.de/10005677378

Optimality of Monetary and Fiscal Policies in Iran: An Application of the Stochastic Optimal Control Theory

Tehranchian, Amir Mansour; Rad, Masoud Abdi - In: Iranian Economic Review 12 (2007) 3, pp. 1-12

This paper analyzes the optimality of macroeconomic policies in Iran during the third five year development plan (2000-2004). For this purpose, we develop and use a macro econometric model for Iran. We determine optimal monetary and fiscal policies as solutions of optimum control problems with a...

Persistent link: https://www.econbiz.de/10010695823

Optimal Control Theory for Undergraduates

Weber, Ernst Juerg - Department of Economics, Business School - 2005

knowledge of optimal control theory, some attention is paid to the main concepts of dynamic optimization. …

Persistent link: https://www.econbiz.de/10005730884

Managing the Delivery of Dialysis Therapy: A Multiclass Fluid Model Analysis

Zenios, Stefanos A.; Fuloria, Prashant C. - In: Management Science 46 (2000) 10, pp. 1317-1336

Motivatedby the exceptionally high mortality statistics of dialysis patients and the ongoing debate about the adequacy of the current reimbursement for dialysis in the United States, we pursue a detailed analysis of the dialysis delivery system. The analysis is based on a multiclass fluid model...

Persistent link: https://www.econbiz.de/10009214510

Improving Manufacturing Performance Through Process Change and Knowledge Creation

Carrillo, Janice E.; Gaimon, Cheryl - In: Management Science 46 (2000) 2, pp. 265-288

A model is introduced to guide a profit maximizing firm in its quest to enhance performance through process change. The key benefit sought from process change is a long term increase in effective capacity. However, realizing success from process change is not trivial. First, while process change...

Persistent link: https://www.econbiz.de/10009218455

Dynamic Optimal Control Models in Advertising: Recent Developments

Feichtinger, Gustav; Hartl, Richard F.; Sethi, Suresh P. - In: Management Science 40 (1994) 2, pp. 195-226

This paper presents a review of recent developments that have taken place in the area of dynamic optimal control models in advertising subsequent to the comprehensive survey of the literature by Sethi in 1977. The basic problem underlying these models is that of determining optimal advertising...

Persistent link: https://www.econbiz.de/10009197802

Investment in Knowledge: A Generalization of Learning By Experience

Dorroh, James R.; Gulledge, Thomas R.; Womer, Norman K. - In: Management Science 40 (1994) 8, pp. 947-958

Learning is often perceived as a cost-reducing endogenous by-product of production processes. In many applications this by-product is modeled as a learning curve; that is, a simple function of time or of cumulative production experience. In an earlier paper we presented an alternative explanation...

Persistent link: https://www.econbiz.de/10009197915

Optimal Control Theory with Applications in Economics

Weber, Thomas A. - The MIT Press

This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control … introduction to the use of optimal control theory for deterministic continuous-time systems in economics. The theory of ordinary …, and stability analysis. Following this, the book covers the main results of optimal control theory, in particular …

Persistent link: https://www.econbiz.de/10010535230