Optimal control of a harmonic oscillator: economic interpretations
Result description
Optimal control is a popular technique for modelling and solving the dynamic decision problems in economics. A standard interpretation of the criteria function and Lagrange multipliers in the profit maximization problem is well known. On a particular example, we aim to a deeper understanding of the possible economic interpretations of further mathematical and solution features of the optimal control problem: we focus on the solution of the optimal control problem for harmonic oscillator serving as a model for Phillips business cycle. We discuss the economic interpretations of arising mathematical objects with respect to well known reasoning for these in other problems.
Keywords
The result's identifiers
Result code in IS VaVaI
Result on the web
DOI - Digital Object Identifier
Alternative languages
Result language
angličtina
Original language name
Optimal control of a harmonic oscillator: economic interpretations
Original language description
Optimal control is a popular technique for modelling and solving the dynamic decision problems in economics. A standard interpretation of the criteria function and Lagrange multipliers in the profit maximization problem is well known. On a particular example, we aim to a deeper understanding of the possible economic interpretations of further mathematical and solution features of the optimal control problem: we focus on the solution of the optimal control problem for harmonic oscillator serving as a model for Phillips business cycle. We discuss the economic interpretations of arising mathematical objects with respect to well known reasoning for these in other problems.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
BA - General mathematics
OECD FORD branch
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Result continuities
Project
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
11th International Conference of Numerical Analysis and Applied Mathematics 2013: ICNAAM 2013, AIP Conference Proceedings
ISBN
978-0-7354-1184-5
ISSN
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e-ISSN
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Number of pages
4
Pages from-to
1835-1838
Publisher name
American Institute of Physics
Place of publication
Melville, New York
Event location
Rhodes, Greece
Event date
Sep 21, 2013
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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Basic information
Result type
D - Article in proceedings
CEP
BA - General mathematics
Year of implementation
2013