Courses Bachelor Display 2022-2023

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 6-2-2023 31-3-2023 X X
Level Advanced
Coordinator Marc Schröder
For more information: m.schroder@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
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. 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
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 (indicative; course manual is definitive) PBL / Lecture / Assignment / Groupwork
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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