Theory of Stochastic Optimal Economic Growth by Lars

Control Theory and Economic Policy Optimization: The Origin, Achievements and the Fading Optimism from a Historical Standpoint

Economists were interested in economic stabilization policies as early as the 1930’s but the formal applications of stability theory from the classical control theory to economic analysis appeared in the early 1950’s when a number of control engineers actively collaborated with economists on economic stability and feedback mechanisms. The theory of optimal control resulting from the contributio...

Optimality Of Monetary And Fiscal Policies In Iran: An Application Of The Stochastic Optimal Control Theory

Theory of Stochastic Optimal Economic Growth

Stochastic optimal growth involves the study of the optimal intertemporal allocation of capital and consumption in an economy where production is subject to random disturbances. The theory traces its roots to the seminal work on deterministic optimal growth by Ramsey [106], Cass [21] and Koopmans [55]. Its influence has been enhanced by research that shows how the convex stochastic growth model...

An Application of the Stochastic Optimal Control Algorithm (OPTCON) to the Public Sector Economy of Iran

In this paper we first describe the stochastic optimal control algorithm called ((OPTCON)). The algorithm minimizes an intertemporal objective loss function subject to a nonlinear dynamic system in order to achieve optimal value of control (or instrument) variables. Second as an application, we implemented the algorithm by the statistical programming system ((GAUSS)) to determine the optimal fi...

Application of Stochastic Optimal Control, Game Theory and Information Fusion for Cyber Defense Modelling

The present paper addresses an effective cyber defense model by applying information fusion based game theoretical approaches‎. ‎In the present paper, we are trying to improve previous models by applying stochastic optimal control and robust optimization techniques‎. ‎Jump processes are applied to model different and complex situations in cyber games‎. ‎Applying jump processes we propose some m...