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Foundations of Dynamic Economic Analysis presents a modern and thorough exposition of the fundamental mathematical formalism used to study optimal control theory, i.e., continuous time dynamic economic processes, and to interpret dynamic economic behavior. The style of presentation, with its continual emphasis on the economic interpretation of mathematics and models, distinguishes it from several other excellent texts on the subject. This approach is aided dramatically by introducing the dynamic envelope theorem and the method of comparative dynamics early in the exposition. Accordingly, motivated and economically revealing proofs of the transversality conditions come about by use of the dynamic envelope theorem. Furthermore, such sequencing of the material naturally leads to the development of the primal-dual method of comparative dynamics and dynamic duality theory, two modern approaches used to tease out the empirical content of optimal control models. The stylistic approach ultimately draws attention to the empirical richness of optimal control theory, a feature missing in virtually all other textbooks of this type.
The search for symmetry is part of the fundamental scientific paradigm in mathematics and physics. Can this be valid also for economics? This book represents an attempt to explore this possibility. The behavior of price-taking producers, monopolists, monopsonists, sectoral market equilibria, behavior under risk and uncertainty, and two-person zero- and non-zero-sum games are analyzed and discussed under the unifying structure called the linear complementarity problem. Furthermore, the equilibrium problem allows for the relaxation of often-stated but unnecessary assumptions. This unifying approach offers the advantage of a better understanding of the structure of economic models. It also introduces the simplest and most elegant algorithm for solving a wide class of problems.
CHAMELEON: A Memoir - is a collection of my intimate stories and encounters growing up in a homophobic society. I wasn't your stereotypical Brooklyn boy who loved watching sports on television or enjoyed playing touch football in the streets. I was raised Catholic and attended three different parochial schools in the sixties and seventies. All that made it difficult to come into my own identity and purpose. It was almost impossible to even think gay. I went from being an innocent altar boy to an older gay man caught up in the middle of the John Travolta sex scandal that put me on the front page of the Daily News and written up in People magazine and the National Enquirer. Although I lived a ...
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The focus of this edited collection is a thoughtful multidisciplinary presentation of past and present U.S. drug policies and whether they are winning the so-called war on drugs (they aren't!). For the great majority of ills ascribed to "drugs" are actually caused by the black market created by drug prohibition; the more successful the war on drugs is in making the drug trade a dangerous business, the greater are the profits from increased prices, and hence the greater the incidence of disease, corruption, social disorder, and death. Drugs and Society provides individuals with the information they need to construct an alternative policy.
Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This textbook is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigour. Economic intuitions are emphasized, and examples and problem sets covering a wide range of applications in economics are provided to assist in the learning process. Theorems are clearly stated and their proofs are carefully explained. The development of the text is gradual and fully integrated, beginning with simple formulations and progressing to advanced topics such as control p...
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