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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

optimal controlPhillips modelharmonic oscillator

The result's identifiers

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

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

    BA - General mathematics

  • OECD FORD branch

Result continuities

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

  • e-ISSN

  • 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

Basic information

Result type

D - Article in proceedings

D

CEP

BA - General mathematics

Year of implementation

2013