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Introduction to Dynamic Optimization: The Calculus of Variations

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  • Todorova, Tamara

Abstract

Static models aim to find values of the independent variables that maximize particular functions. Such optimization problems seek the value or values of an argument that optimize a given function at a particular point. Dynamic models aim to find not just the maximum value of some function, but rather, the actual function that provides a time path for the values of the economic variables so that some value function is maximized or minimized over a given interval of time.

Suggested Citation

  • Todorova, Tamara, 2010. "Introduction to Dynamic Optimization: The Calculus of Variations," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 702-754.
    • Handle: RePEc:zbw:espost:148412
    as

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