As an outgrowth of the advancement in modern control theory during the past 20 years, dynamic modeling and analysis of ecomic systems has become an important subject in the study of ecomic theory. Recent developments in dynamic utility, ecomic planning, and profit optimiza- tion, for example, have been greatly influenced by results in optimal control, stabilization, estimation, optimization under conflicts, multi- criteria optimization, control of large-scale systems, etc. The great success that has been achieved so far in utilizing modern control theory in ecomic systems should be attributed to the effort of control theorists as well as ecomists. Collaboration between the two groups of researchers has proven to be most successful in many instances; nevertheless, the gap between them has existed for some time. Whereas a control theorist frequently sets up a mathematically feasible model to obtain results that permit ecomic interpretations, an ecomist is concerned more with the fidelity of the model in representing a real- world problem, and results that are obtained (through possibly less mathematical analysis) are due largely to ecomic insight. The papers appearing in this volume are divided into three parts. In Part I there are five papers on the application of control theory to ecomic planning. Part II contains five papers on exploration, exploita- tion, and pricing of extractive natural resources. Finally, in Part III, some recent advances in large-scale systems and decentralized control appear.
Springer-Verlag New York Inc.
Date of Publication
Economics: Professional & General
Mathematical Concepts and Methods in Science and Engineering