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Dynamic Economics: Optimization by the Lagrange Method By Gregory C. Chow
Free Download Dynamic Economics: Optimization by the Lagrange Method By Gregory C. Chow
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- Sales Rank: #150252 in Books
- Published on: 1997-02-13
- Original language: English
- Number of items: 1
- Dimensions: 9.20" h x 1.30" w x 6.40" l, 1.25 pounds
- Binding: Hardcover
- 248 pages
Review
"Dr. Chow points out that the too-little-known direct Lagrangian procedure delivers all the optimal solutions that the popular indirect-utilities method can deliver, and does so more economically in the sense that redundant laborious calculations of any indirect utilities can be avoided...it is regrettable if the popular indirect method has eclipsed attention by scholars from the efficient and effective direct Lagrangian approach. We are all in Gregory Chow's debt for a cogent and needed important reminder."--Paul Samuelson, Pacific Economic Review
"Dynamic Economics convinced me of the usefulness of the Lagrange method....The book is very clear and easy to follow; applications are interesting and clearly treated."--Alberto Bisin, Massachusetts Institute of Technology
From the Back Cover
Dynamic Economics presents the optimization framework for dynamic economics so that readers can understand and use it for applied and theoretical research. Chow shows how the method of Lagrange multipliers is easier and more efficient for solving dynamic optimization problems than dynamic programming, and allows readers to understand the substance of dynamic economics more fully. He applies the Lagrange method to study and solve problems in a variety of areas including economic growth, general equilibrium theory, business cycles, dynamic games, finance, and investment, while also discussing numerical methods and analytical solutions.
About the Author
Gregory C. Chow is Class of 1913 Professor of Political Economy, Professor of Econometrics, and Director of the Econometric Research Program at Princeton University. He has also advised the Prime Ministers of Taiwan and China on economic policy and reform. He is the author of numerous books, including Analysis and Control of Dynamic Economic Systems (1975), Econometrics (1983), and Understanding China's Economy (1994).
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