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Optimal Control Theory: Applications to Management Science and Economics

Book Specification

Binding Hardcover
Language English
Number Of Pages 565
Author Suresh P. Sethi
Publisher Springer
Isbn-10 3319982362
Isbn-13 9783319982366
Dimension 15.6*3.33*23.39

Optimal Control Theory: Applications to Management Science and Economics

Suresh P. Sethi's Optimal Control Theory: Applications to Management Science and Economics

This fully revised 3rd edition offers an introduction to optimal control Theory and its diverse applications in Management Science and economics. It brings to students the concept of the maximum principle in continuous, as well as discrete, Time by using Dynamic Programming and Kuhn-Tucker Theory. While some mathematical background is needed, the emphasis of the book is not on mathematical rigor, but on modeling realistic situations faced in Business and economics. The book exploits optimal control Theory to the functional areas of Management including finance, production and Marketing and to Economics of growth and of natural resources. In addition, this new edition features Materials on stochastic Nash and Stackelberg differential Games and an adverse selection model in the principal-agent framework. The book provides exercises for each chapter and answers to selected exercises to help deepen the understanding of the material presented. Also included are appendices comprised of supplementary material on the solution of differential equations, the Calculus of variations and its Relationships to the maximum principle, and Special Topics including the Kalman filter, certainty equivalence, singular control, a global saddle point theorem, Sethi-Skiba points, and distributed parameter systems.Optimal control methods are used to determine optimal ways to control a Dynamic system. The theoretical Work in this field serves as a Foundation for the book, which the author has applied to Business Management problems developed from his Research and classroom instruction. The new edition has been completely refined and brought up to date. Ultimately this should continue to be a valuable resource for graduate courses on applied optimal control Theory, but also for Financial and industrial engineers, economists, and operational researchers concerned with the application of Dynamic optimization in their fields.
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Amazon, Hardcover Rs. 8060.0

Why you should read Optimal Control Theory: Applications to Management Science and Economics by Suresh P. Sethi

This book has been written by Suresh P. Sethi, who has written books like Optimal Control Theory: Applications to Management Science and Economics. The books are written in Business, Strategy & Management category. This book is read by people who are interested in reading books in category : Business, Strategy & Management. So, if you want to explore books similar to This book, you must read and buy this book.

How long would it take for you to read Optimal Control Theory: Applications to Management Science and Economics

Depending on your reading style, this is how much time you would take to complete reading this book.

Reading Style Time To Finish The Book
Slow 113 hours
Average 56 hours
Good 37 hours
Excellent 18 hours
So if you are a Reader belonging in the Good category, and you read it daily for 1 hour, it will take you 37 days.
Note: A slow reader usually reads 100 words per minute, an average reader 200 words per minute, an average reader 300 words per minute and an excellent leader reads about 600-1000 words per minute, however the comprehension may vary.

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