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Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.
Chiang's book has filled a void in that it is the most accessible and succinct treatment of dynamic optimization in continuous time to date. --Vic Valcarcel, Texas Tech University
From the Back Cover
"This book is immensely valuable, especially for students coming to this material for the first time. Professor Chiang has a singular talent for clear exposition of complex mathematical concepts. This text is simply the best introduction to dynamic optimization I have ever seen." -- John McDermott, University of South Carolina
"Chiang has done it again." -- Henry Thompson, Auburn University
"A brilliant, highly readable book. Bringing together tractable dynamics and a rich array of applications, it covers in depth some major analytical developments in dynamic macroeconomics. Dynamic macroeconomics in the 1990s was about introducing various kinds of market imperfections and heterogeneity in the models available before. This book teaches, in a comprehensive and understandable way, how to use and formulate these models. Chiang makes it insightful and natural for the reader, using the tools he has laid out, to go on to attack substantive and original research in dynamic macroeconomics. Invaluable for teachers and students alike." -- Zuhair Al-Fakhouri, Wayne State University
"This is the most understandable text I have come across on topics of optimization. The author discusses the formal elements of problems in an informal way to facilitate an easy grasp of the crucial points. I have learned and re-learned control theory from this book better than any other text." -- Abdul Qayum, Portland State University
Dynamic optimization has been performing a great role in the analysis of the resources allocation. Perhaps decades ago, one could think that the static optimization of objective functions was enough, but, once this book is read, one can see how important the dynamic tools are to understand the process of choosing an specific economic policy through time. Chiang illustrates us with many applications of every day's models, such as, the Phillips Curve (the trade-off between inflation and unemployment), the Ramsey Model of Growth, and so on. Not only the lecture is easy, but it is highly understandable, as well.
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10 of 10 people found the following review helpful
This book provides an introduction to the advanced subject of dynamic optimization in an easy to comprehend manner. For students with no previous background in the subject, it is the best book in the market.If you are familiar with Chiang's Fundamental Methods of Mathematical Economics, you can expect the same level of comfort. There are plenty of examples in the text and all the aspects of the subject are covered. A valuable book to own and deserves the 5 stars.
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10 of 11 people found the following review helpful
Very few people have the quality of expressing ideas and concepts with such clarity and simplicity as Professor Chinag has done. If you are new to dynamic optimization, particularly calculus and variation and optimal control theory you had better start with this treatise.
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The book of professor Chiang is not simply a good introductory text to dynamic optimization in the continuous-time form, but also provides a tight explanation of the related original economic models. It is better than any of the courses most people had attented before. I wish a similar book will appear soon, developing dynamic optimization tools, and especially optimal control in the discret-time form.
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10 of 12 people found the following review helpful
No one in the field of mathematical economics has half of Chiang's skill for explaining difficult subjects in a complete, understandable manner. If this is your textbook, consider yourself fortunate. If it isn't, buy it anyways. You'll definitely come out ahead.
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Just as in Fundamentals, Chiang tries not to give a recipe book, but to explain the rationale underlying the method. And, just as before, he does it well. If it is your first approach to dynamic optimization in economics, it's probably the best book to start from. It covers only calculus of variations and optimal control theory though.
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