Deterministic dynamic optimization methods: economic and managerial applications of the maximum principle of Pontryagin and of dynamic programming. Discrete time stochastic dynamic optimization methods: Bayesian and Markovian decision theory, measures of risk-aversion and risk, portfolio theory, elements of search theory, applications of discrete time stochastic control to economics. The course also covers the construction and management of complex economic and engineering systems, blending microeconomic general equilibrium theory with cost-benefit frameworks to evaluate economic policy and planning.
Deterministic dynamic optimization methods: economic and managerial applications of the maximum principle of Pontryagin and of dynamic programming. Discrete time stochastic dynamic optimization methods: Bayesian and Markovian decision theory, measures of risk-aversion and risk, portfolio theory, elements of search theory, applications of discrete time stochastic control to economics. The course also covers the construction and management of complex economic and engineering systems, blending microeconomic general equilibrium theory with cost-benefit frameworks to evaluate economic policy and planning.
