Dynamic Policies of the Firm An Optimal Control Approach
In this book we open our insights in the Theory of the Firm, obtained through the application of Optimal Control Theory, to a public of scholars and advanced students in economics and applied mathematics. We walk on the micro economic side of the street t
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Dynamic Policies of the Firm An Optimal Control Approach
With 54 Figures
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Dr. ONNO VAN HILTEN Netherlands Energy Research Foundation ECN, P.O. Box 1 NL-1755 ZG Petten, The Netherlands Dr. PETER M. KORT Department of Economics, Tilburg University, P.O. Box 90153 NL-5000 LE Tilburg, The Netherlands Professor Dr. PAUL J. 1. M. VAN LOON Coopers & Lybrand Management Consultants, Churchillaan 11 NL-3527 GV Utrecht, The Netherlands and Department of Economics, Groningen University, P.O. Box 800 NL-9700 AV Groningen, The Netherlands
ISBN-13:978-3-642-77886-5 e-ISBN-13:978-3-642-77884-1 DOl: 10.1007/978-3-642-77884-1 This Work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprimting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in other ways, and storage in data banks. Duplication of this publication or parts thereof is only permitted under the provisions of the German copyright Law of September 9, 1965, un its version of June 24, 1985, and a copyright fee must always be paid. Violations fall under the prosecution act of the German Copyright Law. © Springer-Verlag Berlin Heidelberg 1993 Softcover reprint of the hardcover 1st edition 1993
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Preface
In this book we open our insights in the Theory of the Firm, obtained through the application of Optimal Control Theory, to a public of scholars and advanced students in economics and applied mathematics. We walk on the micro economic side of the street that is bordered by Theory of the Firm on one side and by Optimal Control Theory on the other, keeping the reader away from all the dead end roads we turned down during our 10 years lasting research. We focus attention on the expressiveness and variety of insights that are obtained through studying only simple models of the firm. In this book mathematics is our tool, insight in optimal corporate policy our goal. Therefore most of the mathematics and calculations is put into appendices and in the main text all attention is on modelling corporate behaviour and on analysing the results of the calculations. So, the main text focusses on micro economics, even more specific: on Theory of the Firm. In that way this book is contrasted from such famous text books in applied Optimal Control with a much broader portfolio of applications, like Feichtinger & Hartl (1986) or with a more rigorous introduction into theory, like Seierstad & Sydsaeter (1987). During the years we did research on this subject, many colleagues and assistants supported us and we like to acknowledge very much for their fraternal help. Gustav Feichtinger from the T
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