English, Article edition: Numerical Optimal Control in Continuous Time Made Easy Eric Nvdal

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Bookmark: http://trove.nla.gov.au/version/198418
Physical Description
  • article
Language
  • English

Edition details

Title
  • Numerical Optimal Control in Continuous Time Made Easy
Author
  • Eric Nvdal
Physical Description
  • article
Notes
  • The paper explains how continuous time optimal control models can be solved with Microsoft Excel. Two models are solved, each illustrating a different aspect of the Optimal Control Theory. The first is a model of real investment. The second is a model of fisheries management. The investment model is used to illustrate how one can simultaneously maximise the Hamiltonian and solve the differential equations for the state and the co-state variables, a computational aspect overlooked in the literature. The paper is aimed at researchers looking for a way of doing numerical optimal control in continuous time without being proficient in programming or advanced mathematical software.
  • RePEc:che:chepap:v:15:y:2002:i:1:p:8-15
Language
  • English
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