Courses Bachelor Display 2019-2020

Course Description To PDF
Course title Dynamic Modelling and Dynamic Optimisation
Course code EBC2116
ECTS credits 6,5
Assessment Whole/Half Grades
Period
Period Start End Mon Tue Wed Thu Fri
4 4-2-2020 5-4-2020 X X
Level Advanced
Coordinator Ton Storcken, Hans de Graaff
For more information: t.storcken@maastrichtuniversity.nl; h.degraaff@maastrichtuniversity.nl
Language of instruction English
Goals
In this course the student will learn to analyse stability properties of equilibria of dynamic systems in qualitative terms,
to apply the maximum principle to optimal control problems, draw phase diagrams with Mathematica and use these to analyse solutions of optimal control problems.
Description
Besides a great amount of static models in Economic Theory dynamic models are also frequently studied. These models can be found in various fields such as Macro and Micro Economics, Public Choice, Game Theory and Finance. First, dynamic models, in terms of systems of differential equations are studied with respect to stability. Next optimal control problems are solved by means of the maximum principle of Pontryagin. Applications range from optimal investment to optimal fishing and problems concerning environmental economics.
Literature
LĂ©onard, D. and N. van Long, Optimal Control Theory and Static Optimization in Economics, Cambridge University Press, Cambridge, UK, 1992, ISBN 0-521-33746-1
Electronic Courseware for Mathematica.
Prerequisites
The student should be familiar with
- linear differential equations,
- non-linear optimisation,
- standard calculus on functions of more than one variable.

Exchange students need to follow a Bachelor in economics.
An advanced level of English.
Teaching methods PBL / Lecture / Assignment / Groupwork
Assessment methods Final Paper / Written Exam / Presentation
Evaluation in previous academic year For the complete evaluation of this course please click "here"
This course belongs to the following programmes / specialisations
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Bachelor International Business Year 3 QE Elec(s) - Maj Marketing
Bachelor International Business Year 3 QE Elec(s) - Maj Org
Bachelor International Business Year 3 QE Elec(s) - Maj SCM
Bachelor International Business Year 3 QE Elec(s) - Maj Strategy
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Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj Accounting
Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj Finance
Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj Inf Mgmt
Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj Marketing
Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj Org
Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj SCM
Bachelor Economics and Business Economics - International Business Economics Year 3 QE Elec(s) - Maj Strategy
Bachelor International Business - Emerging Markets Year 3 Elective Course(s)
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