Dynamics of Macrosystems

Dynamics of Macrosystems
Author: Jean-P. Aubin
Publisher: Springer Science & Business Media
Total Pages: 279
Release: 2013-03-14
Genre: Business & Economics
ISBN: 366200545X

Infinite Horizon Optimal Control

Infinite Horizon Optimal Control
Author: Dean A. Carlson
Publisher: Springer Science & Business Media
Total Pages: 270
Release: 2013-06-29
Genre: Business & Economics
ISBN: 3662025299

This monograph deals with various classes of deterministic continuous time optimal control problems wh ich are defined over unbounded time intervala. For these problems, the performance criterion is described by an improper integral and it is possible that, when evaluated at a given admissible element, this criterion is unbounded. To cope with this divergence new optimality concepts; referred to here as "overtaking", "weakly overtaking", "agreeable plans", etc. ; have been proposed. The motivation for studying these problems arisee primarily from the economic and biological aciences where models of this nature arise quite naturally since no natural bound can be placed on the time horizon when one considers the evolution of the state of a given economy or species. The reeponsibility for the introduction of this interesting class of problems rests with the economiste who first studied them in the modeling of capital accumulation processes. Perhaps the earliest of these was F. Ramsey who, in his seminal work on a theory of saving in 1928, considered a dynamic optimization model defined on an infinite time horizon. Briefly, this problem can be described as a "Lagrange problem with unbounded time interval". The advent of modern control theory, particularly the formulation of the famoue Maximum Principle of Pontryagin, has had a considerable impact on the treatment of these models as well as optimization theory in general.

Optimal Control Theory

Optimal Control Theory
Author: Suresh P. Sethi
Publisher: Springer
Total Pages: 577
Release: 2018-11-28
Genre: Business & Economics
ISBN: 3319982370

This fully revised 3rd edition offers an introduction to optimal control theory and its diverse applications in management science and economics. It brings to students the concept of the maximum principle in continuous, as well as discrete, time by using dynamic programming and Kuhn-Tucker theory. While some mathematical background is needed, the emphasis of the book is not on mathematical rigor, but on modeling realistic situations faced in business and economics. The book exploits optimal control theory to the functional areas of management including finance, production and marketing and to economics of growth and of natural resources. In addition, this new edition features materials on stochastic Nash and Stackelberg differential games and an adverse selection model in the principal-agent framework. The book provides exercises for each chapter and answers to selected exercises to help deepen the understanding of the material presented. Also included are appendices comprised of supplementary material on the solution of differential equations, the calculus of variations and its relationships to the maximum principle, and special topics including the Kalman filter, certainty equivalence, singular control, a global saddle point theorem, Sethi-Skiba points, and distributed parameter systems. 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 author has applied to business management problems developed from his research and classroom instruction. The new edition has been completely refined and brought up to date. Ultimately this should continue to be a valuable resource for graduate courses on applied optimal control theory, but also for financial and industrial engineers, economists, and operational researchers concerned with the application of dynamic optimization in their fields.

Optimal Dynamic Investment Policies of a Value Maximizing Firm

Optimal Dynamic Investment Policies of a Value Maximizing Firm
Author: Peter M. Kort
Publisher: Springer Science & Business Media
Total Pages: 196
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3642489044

1.1. Scope of the Book This book is a contribution to the area of "dynamic models of the firm". The motivation for this kind of research is the following: Empirical studies (e.g. Albach (1976)) have shown that the development of the firm over time can be divided into different stages. such as growth. stationarity and contraction. In order to understand and evaluate these stages in a proper way. it is important to develop a suitable theoretical framework. To that end. economists have applied dynamic mathematical techniques. such as optimal control theory. calculus of variations and dynamic programming to design and analyse dynamic models of the firm. In this way. the economic theory of the firm is extended to a dynamic context. Within the field of the dynamics of the firm this book - develops a general investment decision rule. based on the concept "net present value of marginal investment". which is applicable in deterministic dynamic models of the firm; - studies the influence of adjustment costs of investment on optimal dynamic firm behavior; - extends the stochastic dynamic theory of the firm by connecting it with a dynamic version of the Capital Asset Pricing Model. Before elaborating on "the dynamics of the firm". we first review the subject of net present value in the classical analysis.

Introduction to the Theory of Differential Inclusions

Introduction to the Theory of Differential Inclusions
Author: Georgi V. Smirnov
Publisher: American Mathematical Society
Total Pages: 226
Release: 2022-02-22
Genre: Mathematics
ISBN: 1470468549

A differential inclusion is a relation of the form $dot x in F(x)$, where $F$ is a set-valued map associating any point $x in R^n$ with a set $F(x) subset R^n$. As such, the notion of a differential inclusion generalizes the notion of an ordinary differential equation of the form $dot x = f(x)$. Therefore, all problems usually studied in the theory of ordinary differential equations (existence and continuation of solutions, dependence on initial conditions and parameters, etc.) can be studied for differential inclusions as well. Since a differential inclusion usually has many solutions starting at a given point, new types of problems arise, such as investigation of topological properties of the set of solutions, selection of solutions with given properties, and many others. Differential inclusions play an important role as a tool in the study of various dynamical processes described by equations with a discontinuous or multivalued right-hand side, occurring, in particular, in the study of dynamics of economical, social, and biological macrosystems. They also are very useful in proving existence theorems in control theory. This text provides an introductory treatment to the theory of differential inclusions. The reader is only required to know ordinary differential equations, theory of functions, and functional analysis on the elementary level. Chapter 1 contains a brief introduction to convex analysis. Chapter 2 considers set-valued maps. Chapter 3 is devoted to the Mordukhovich version of nonsmooth analysis. Chapter 4 contains the main existence theorems and gives an idea of the approximation techniques used throughout the text. Chapter 5 is devoted to the viability problem, i.e., the problem of selection of a solution to a differential inclusion that is contained in a given set. Chapter 6 considers the controllability problem. Chapter 7 discusses extremal problems for differential inclusions. Chapter 8 presents stability theory, and Chapter 9 deals with the stabilization problem.

Modeling and Control of Dynamic Spatially Distributed Systems

Modeling and Control of Dynamic Spatially Distributed Systems
Author: Yizhi Wang
Publisher: Elsevier
Total Pages: 383
Release: 2024-11-08
Genre: Mathematics
ISBN: 0323953913

Modeling and Control of Dynamic Spatially Distributed Systems: Pharmaceutical Processes provides a balanced approach to help readers to get started quickly in the field of biochemical pharmaceuticals. From a theoretical perspective, dynamic spatially distributed systems are introduced to address their industrial applications. After identifying problems, the book provides readers with modeling and control system design techniques via a novel fuzzy set (class of objects with a continuum of grades of membership, to describe the grade of the object belonging to this fuzzy set) and intelligent computation methods. From an application perspective, the book provides a thorough understanding of Good Manufacture Practices (GMP) and the importance of identification, modelling, and intelligent control of such systems, reducing the test-and-error cost, and the R&D design time cycle of original drug development. - Provides an updated, supplemental knowledge to the body of distributed parameter systems - Covers control and analysis framework based on a state-space approach for a non-standard model from industrial complex systems - Presents a novel proposed fuzzy set and applies it to case studies to illustrate its feasibility - Includes a control system design solution from perspective of medicine production

Solution Sets for Differential Equations and Inclusions

Solution Sets for Differential Equations and Inclusions
Author: Smaïl Djebali
Publisher: Walter de Gruyter
Total Pages: 474
Release: 2012-12-06
Genre: Mathematics
ISBN: 3110293560

This monograph gives a systematic presentation of classical and recent results obtained in the last couple of years. It comprehensively describes the methods concerning the topological structure of fixed point sets and solution sets for differential equations and inclusions. Many of the basic techniques and results recently developed about this theory are presented, as well as the literature that is disseminated and scattered in several papers of pioneering researchers who developed the functional analytic framework of this field over the past few decades. Several examples of applications relating to initial and boundary value problems are discussed in detail. The book is intended to advanced graduate researchers and instructors active in research areas with interests in topological properties of fixed point mappings and applications; it also aims to provide students with the necessary understanding of the subject with no deep background material needed. This monograph fills the vacuum in the literature regarding the topological structure of fixed point sets and its applications.

Impulsive Differential Inclusions

Impulsive Differential Inclusions
Author: John R. Graef
Publisher: Walter de Gruyter
Total Pages: 412
Release: 2013-07-31
Genre: Mathematics
ISBN: 3110295318

Differential equations with impulses arise as models of many evolving processes that are subject to abrupt changes, such as shocks, harvesting, and natural disasters. These phenomena involve short-term perturbations from continuous and smooth dynamics, whose duration is negligible in comparison with the duration of an entire evolution. In models involving such perturbations, it is natural to assume these perturbations act instantaneously or in the form of impulses. As a consequence, impulsive differential equations have been developed in modeling impulsive problems in physics, population dynamics, ecology, biotechnology, industrial robotics, pharmacokinetics, optimal control, and so forth. There are also many different studies in biology and medicine for which impulsive differential equations provide good models. During the last 10 years, the authors have been responsible for extensive contributions to the literature on impulsive differential inclusions via fixed point methods. This book is motivated by that research as the authors endeavor to bring under one cover much of those results along with results by other researchers either affecting or affected by the authors' work. The questions of existence and stability of solutions for different classes of initial value problems for impulsive differential equations and inclusions with fixed and variable moments are considered in detail. Attention is also given to boundary value problems. In addition, since differential equations can be viewed as special cases of differential inclusions, significant attention is also given to relative questions concerning differential equations. This monograph addresses a variety of side issues that arise from its simpler beginnings as well.

Production to Order

Production to Order
Author: Nico Dellaert
Publisher: Springer Science & Business Media
Total Pages: 167
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3642466729

In this book, production rules are studied for situations which share some important elements. The most important one is that the products are manufactured according to customer specifications and they will not be manufactured unless they have been ordered. Other elements are the set-ups on the machines, which make a clustering of orders necessary, the backlogging of late orders, a production process with one bottle-neck and a stochastic demand. The purpose is to find a simple production rule, which offers possibilities for a simple adaptation to the varying wishes or to additional complications. The production rules under consideration are well-known heuristics such as the Silver-Meal heuristic and the Wagner-Whitin heuristic, which can be adapted for backlogging and for the stochastic demand. Also a new, simple rule is introduced: the (x,T)-rule. To determine and compare the performance of the production rules different techniques have been used, such as simulation, dynamic programming and markovian models. Among the situations that have been considered are situations with capacity restrictions, overtime possibilities and situations where the clients react to the performance of their orders.