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Optimal Control Theory

Applications to Management Science and Economics

  • Book
  • Sep 2005

Overview

Authors:
  1. Suresh P. Sethi

    1. The University of Texas at Dallas, USA

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    You can also search for this author in PubMed   Google Scholar

  2. Gerald L. Thompson

    1. Carnegie Mellon University, USA

    View author publications

    You can also search for this author in PubMed   Google Scholar

  • The new edition has been completely refined with careful attention to the text and graphic material presentation
  • Includes new findings since the first edition, and expands coverage of stochastic optimal control theory
  • Covers topics including finance; production and inventory problems; marketing problems; machine maintenance and replacement and applications of control theory to economics
  • The book has been successfully used as a professional reference tool and as a graduate course book

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Table of contents (13 chapters)

  1. Front Matter

    Pages i-xvii
    Download chapter PDF

  2. What is Optimal Control Theory?

    Pages 1-22

  3. The Maximum Principle: Continuous Time

    Pages 23-55

  4. The Maximum Principle: Mixed Inequality Constraints

    Pages 57-95

  5. The Maximum Principle: General Inequality Constraints

    Pages 97-118

  6. Applications to Finance

    Pages 119-152

  7. Applications to Production and Inventory

    Pages 153-184

  8. Applications to Marketing

    Pages 185-215

  9. The Maximum Principle: Discrete Time

    Pages 217-239

  10. Maintenance and Replacement

    Pages 241-265

  11. Applications to Natural Resources

    Pages 267-288

  12. Economic Applications

    Pages 289-306

  13. Differential Games, Distributed Systems, and Impulse Control

    Pages 307-338

  14. Stochastic Optimal Control

    Pages 339-362

  15. Back Matter

    Pages 363-505
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Keywords

About this book

Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the authors have applied to business management problems developed from their research and classroom instruction.

Sethi and Thompson have provided management science and economics communities with a thoroughly revised edition of their classic text on Optimal Control Theory. The new edition has been completely refined with careful attention to the text and graphic material presentation. Chapters cover a range of topics including finance, production and inventory problems, marketing problems, machine maintenance and replacement, problems of optimal consumption of natural resources, and applications of control theory to economics. The book contains new results that were not available when the first edition was published, as well as an expansion of the material on stochastic optimal control theory.

Reviews

`Like the first edition, Sethi and Thompson's revised textbook advances the state of the art of operations research and management science on multiple dimensions. The authors provide a rigorous treatment of a powerful methodology. They demonstrate the deep managerial insights to be obtained in a variety of management and economics domains. The book facilitates learning in the classroom and encourages readers' creativity. The clarity in exposition makes the book accessible to diverse readers, including mathematicians interested in learning about applications and researchers in various application domains interested in developing new managerial results.
This is a very good textbook for subjects on optimal controls with management science applications. I have adopted this as a textbook and the students love it. Illustrative figures and diagrams are sufficiently provided, and materials are carefully explained. The use of the commonly available Excel program to solve TPBVPs at the end of chapter 2 is suitable for the ever increasing demand of "multimedia teaching". I have not seen any other optimal control textbook include such a set of Excel instructions in such a simple and elegant way. Moreover, the authors made a set of chapter-by-chapter Power Point files available on the web to supplement the textbook for classroom teaching. I'd give 5 stars to this book anytime.'
Joseph Lee, Hong Kong Polytechnic University

Authors and Affiliations

  • The University of Texas at Dallas, USA

    Suresh P. Sethi

  • Carnegie Mellon University, USA

    Gerald L. Thompson

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