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Optimal Firm Behaviour in the Context of Technological Progress and a Business Cycle

  • Book
  • © 1991

Overview

Authors:
  1. Onno Hilten

    1. Netherlands Energy Research Foundation ECN, Petten, The Netherlands

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Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 352)

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Table of contents (9 chapters)

  1. Front Matter

    Pages N2-XII
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  2. Introduction

    • Onno van Hilten
    Pages 1-3

  3. A Selective Literature Survey

    • Onno van Hilten
    Pages 5-17

  4. On Dynamic Optimisation Models of the Firm as a Branch of ‘Pure Theory’ and on the Use of Mathematics

    • Onno van Hilten
    Pages 19-31

  5. The Basic Model

    • Onno van Hilten
    Pages 33-55

  6. Models with a Business Cycle

    • Onno van Hilten
    Pages 57-84

  7. Shadow Prices in a Model with Pure State Constraints

    • Onno van Hilten
    Pages 85-96

  8. Technological Progress in Vintage Models of the Firm: Scrapping Condition and Steady State

    • Onno van Hilten
    Pages 97-120

  9. Optimal Policies in Models with Technological Progress, with and without a Business Cycle

    • Onno van Hilten
    Pages 121-140

  10. Summary and Conclusions

    • Onno van Hilten
    Pages 141-144

  11. Back Matter

    Pages 145-233
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Keywords

About this book

This thesis is a theoretical study of the optimal dynamic policies of a, to some extent, slowly adjusting firm that faces an exogeneously given technological progress and an exogeneously given business cycle. It belongs to the area of mathematical economics. It is intended to appeal to mathematical economists in the first place, economists in the second place and mathematicians in the third place. It entails an attempt to stretch the limits of the application of deterministic dynamic optimisation to economics, in particular to firm behaviour. A well-known· Dutch economist (and trained mathematician) recently stated in 1 a local university newspaper that mathematical economists give economics a bad reputation, since they formulate their problems from a mathematical point of view and they are only interested in technical, mathematical problems. At the same time, however, "profound as economists may be, when it comes to extending or modifying the existing theory to make it applicable to a certain economic problem, an understanding of optimal control theory (which is the mathematical theory used in this thesis, ovh) based solely on heuristic arguments will often turn out to be inadequate" (SydS

Authors and Affiliations

  • Netherlands Energy Research Foundation ECN, Petten, The Netherlands

    Onno Hilten

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