2 credits
Fall 2026 Lecture
Focuses on the application of the tools of dynamic optimization to problems in economics. Covers continuous-time and discrete-time dynamic optimization techniques, including the calculus of variations, optimal control theory, and dynamic programming. Applications are drawn from a range of problems in microeconomics and macroeconomics, including current topics in agricultural economics, natural resource economics, and investment theory. Course meets weeks 1 - 10.
Learning Outcomes1Recognize when dynamic optimization is necessary to analyze an economic problem.
2Formulate the mathematical structure of dynamic problems, including objective functions, constraints, and state variables.
3Evaluate and select appropriate solution strategies, such as analytical methods, recursive techniques, or numerical approaches.
4Implement these solution strategies using computational tools to generate and interpret results.
Prerequisites
Restrictions
made by Purdue students.