Courses Exchange Display 2024-2025
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| Course title | Dynamic Modelling and Dynamic Optimisation | ||||||||||||||||||||||||||||||||||||||||||
| Course code | EBC2116 | ||||||||||||||||||||||||||||||||||||||||||
| ECTS credits | 6,5 | ||||||||||||||||||||||||||||||||||||||||||
| Assessment | Whole/Half Grades | ||||||||||||||||||||||||||||||||||||||||||
| Period |
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| Level | Advanced | ||||||||||||||||||||||||||||||||||||||||||
| Coordinator |
Marc Schröder For more information: m.schroder@maastrichtuniversity.nl |
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| 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. |
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| Description |
Dynamic models are important in economic theory and can be found in various fields such as Macro and Micro Economics, Public Choice, Game Theory and Finance. First, systems of differential equations are studied with respect to stability. Next optimal control problems are solved by means of the maximum principle of Pontryagin. We discuss problems like finding the firms optimal investment plan over time in equipment and how to manage a (non-) renewable stream of resources like fish.
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| Literature |
Léonard, D. and N. van Long, Optimal Control Theory and Static Optimization in Economics, Cambridge University Press, Cambridge, UK, 1992, ISBN 0-521-33746-1
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| 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. |
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| Teaching methods (indicative; course manual is definitive) | PBL / Lecture / Assignment | ||||||||||||||||||||||||||||||||||||||||||
| Assessment methods (indicative; course manual is definitive) | Final Paper / Assignment | ||||||||||||||||||||||||||||||||||||||||||
| 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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