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- W22867731 abstract "The theory of feedback and optimal control, originally developed for and applied most successfully in physical and engineering systems, has found many applications in dynamic economics for over two decades. Our understanding and analysis of the dynamic economic systems in the form of difference or differential equations in time have been greatly enhanced by developments in control theory, specifically in three particular areas: (a) the theory of economic policy, which deals with the problem of choosing optimal instruments or controls, (b) the method of structural economic analysis in a model, which deals with alternative forms of specification of an econometric model and its implicit and explicit constraints, and (c) the theory of econometric estimation, which seeks to derive in some sense optimal estimates of parameters of dynamic models from given observations." @default.
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- W22867731 date "1985-01-01" @default.
- W22867731 modified "2023-09-27" @default.
- W22867731 title "Stochastic models in dynamic economics: problems of time inconsistency, causality and estimation" @default.
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- W22867731 doi "https://doi.org/10.1007/978-94-009-5053-5_12" @default.
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