Courses Bachelor Display 2015-2016

Course Description To PDF
Course title Dynamic Modelling and Dynamic Optimisation
Course code EBC2116
ECTS credits 6,5
Assessment Whole/Half Grades
Period Start End Mon Tue Wed Thu Fri
4 1-2-2016 1-4-2016 X X
Level Advanced
Coordinator Ton Storcken, Hans de Graaff
For more information:;
Language of instruction English
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.
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.
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.
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 (indicative; course manual is definitive) PBL / Lecture / Assignment / Groupwork
Assessment methods (indicative; course manual is definitive) Final Paper / Written Exam
Evaluation in previous academic year For the complete evaluation of this course please click "here"
This course belongs to the following programmes / specialisations
Bachelor Economics and Business Economics Specialisation Economics QE Electives
Bachelor Economics and Business Economics Specialisation Economics and Management of Information QE Electives
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