The importance of numerical algorithms for solving economic optimization problems †
作者:
D. A. LIVESEY,
期刊:
International Journal of Systems Science
(Taylor Available online 1974)
卷期:
Volume 5,
issue 5
页码: 435-451
ISSN:0020-7721
年代: 1974
DOI:10.1080/00207727408920112
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
This paper contains a brief review of the recent literature on economic applications of optimal control theory. It is not a comprehensive review, rather it serves to illustrate the assertion made in the title. Pursuit of an analytical solution confines the economic theorist to a narrow class of problems : termed here as the ' single differential equation model world '. Empirical economists searching for linear decision rule3 are also restricting themselves to a narrow class of problems. The adoption of general numerical algorithms would liberate both groups and this may yet prove to be the major contribution of systems theory to economics.
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