The Theory of Hamiltonian Dynamical Systems, and an Application to Economics

  • Karl Shell
Conference paper

Abstract

A Hamiltonian dynamical system (HDS) naturally arises in the standard control problem involving optimization over time. On this ground alone, a systematic study of the basic structure of the general HDS should be extremely useful for mathematical control theory. Applications of HDS theory extend beyond models involving optimization. The classic studies of such systems were motivated by problems in celestial mechanics. While much of the analysis of my lecture will be motivated by the normative (optimizing) model of macroeconomic growth, I will show in passing how HDS theory may be useful in analyzing many positive (“nonoptimizing”) models of macroeconomic growth.

Keywords

Capital Stock Global Stability Differential Game HAMILTONIAN Function Transversality Condition 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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Copyright information

© D. Reidel Publishing Company, Dordrecht-Holland 1975

Authors and Affiliations

  • Karl Shell
    • 1
  1. 1.University of PennsylvaniaPhiladelphiaUSA

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