Economic Dynamics and Distributions: Differential Equations, Optimal Control and Applications (Dynamic Modeling and Econometrics in Economics and Finance, 32)

This textbook introduces readers to the economic dynamics of growth and distribution and presents dynamic mathematical tools essential to understanding various economic phenomena. From ordinary differential equations to partial differential equations and stochastic differential equations, it guides readers through the mathematical landscape. Optimization problems are also highlighted, from maximizing static functionals to optimal control problems involving systems governed by the previously mentioned types of differential equation. The applications of these formal structures cover various areas of economics, including macroeconomics, growth theory, microeconomics, spatial economics, finance, income and wealth distribution, and social mobility.Written primarily for Master’s and Ph.D. students, the book also offers a comprehensive reference guide for economists and applied mathematicians alike. Read more