rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Optimal Control Theory
    sub title: Applications to Management Science and Economics
  name:
    name part: Sethi, Suresh P.
    role:
      role term: creator
    role:
      role term: author.
    role:
      role term: aut
    role:
      role term: http://id.loc.gov/vocabulary/relators/aut
  name:
    name part: SpringerLink (Online service)
  type of resource: text
  genre: Electronic books.
  origin info:
    place:
      place term: sz
    date issued: 2021
    edition: 4th ed. 2021.
    issuance: monographic
  language:
    language term: eng
  physical description:
    reformatting quality: access
    form: remote
    extent: 1 online resource (XXVII, 506 pages 99 illustrations, 8 illustrations in color)
  abstract: This new 4th edition offers an introduction to optimal control theory and its diverse applications in management science and economics. It introduces students to the concept of the maximum principle in continuous (as well as discrete) time by combining 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 encountered in business and economics. It applies optimal control theory to the functional areas of management including finance, production and marketing, as well as the economics of growth and of natural resources. In addition, it features material on stochastic Nash and Stackelberg differential games and an adverse selection model in the principal-agent framework. Exercises are included in each chapter, while the answers to selected exercises help deepen readers' understanding of the material covered. Also included are appendices of supplementary material on the solution of differential equations, the calculus of variations and its ties 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 the foundation for the book, in which the author applies it to business management problems developed from his own research and classroom instruction. The new edition has been refined and updated, making it a valuable resource for graduate courses on applied optimal control theory, but also for financial and industrial engineers, economists, and operational researchers interested in applying dynamic optimization in their fields.
  table of contents: 1. What is Optimal Control Theory? -- 2. The Maximum Principle: Continuous Time -- 3. The Maximum Principle: Mixed Inequality Constraints -- 4. The Maximum Principle: Pure State and Mixed Inequality Constraints -- 5. Applications to Finance -- 6. Applications to Production and Inventory -- 7. Applications to Marketing -- 8. The Maximum Principle: Discrete Time -- 9. Maintenance and Replacement -- 10. Applications to Natural Resources -- 11. Applications to Economics -- 12. Stochastic Optimal Control -- 13. Differential Games.
  note: by Suresh P. Sethi.
  subject:
    topic: Operations research
  subject:
    topic: Management science
  subject:
    topic: Mathematical optimization
  subject:
    topic: Calculus of variations
  subject:
    topic: Econometrics
  subject:
    topic: Industrial engineering
  subject:
    topic: Production engineering
  subject:
    topic: System theory
  subject:
    topic: Control theory
  subject:
    topic: Operations Research and Decision Theory
  subject:
    topic: Operations Research, Management Science
  subject:
    topic: Calculus of Variations and Optimization
  subject:
    topic: Quantitative Economics
  subject:
    topic: Industrial and Production Engineering
  subject:
    topic: Systems Theory, Control
  classification: T57.6-.97
  classification: 658.403
  related item:
    title info:
      title: Springer Nature eBook
  related item:
    title info:
      title: Springer Texts in Business and Economics
  identifier: 9783030917456
  identifier: http://proxy.library.tamu.edu/login
  record info:
    record creation date: 220103
    record change date: 20240805190702.5
    record identifier: in00004556727