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2 produkter
2 produkter
Del 352 - Lecture Notes in Economics and Mathematical Systems
Optimal Firm Behaviour in the Context of Technological Progress and a Business Cycle
Häftad, Engelska, 1991
534 kr
Skickas inom 10-15 vardagar
This work deals with optimal company behaviour in the context of technological progress and fluctuating demand in an "optimal control model" of a company. The investment, dividend and financing behaviour of a firm is described in a dynamic optimization model and the "maximum principle" is used to deduce optimal policy after two government variables and some government constraints have been added to it. In the aspect of the model with a fluctuating demand for the firm's products, the conditions for, and the length of, a "zero-investment period" are derived, as well as the role of debt in surviving a depression. For the aspect of the model with labour-augmenting technological progress, a new version of the maximum principle is derived in order to handle the old structure of the model. Conditions are derived under which the optimal lifetime of capital is constant and special attention is given to the shadow price interpretation of auxiliary variables in optimal control models with pure state constraints. In the final section of the book, the merits and weaknesses of optimization models for use as tools in a dynamic theory of companies and business are discussed.
1 094 kr
Skickas inom 10-15 vardagar
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).