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Course: ARE 263, Fall 2009
School: Bergen Community College
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Word Count: 4774

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Karp Larry Notes for Dynamics September 2001 III. The Maximum Principle 1) Necessary conditions using Maximum Principle. 2) Relation between COV and Maximum Principle approaches. 3) Various terminal conditions, sufficiency. 4) An example with two state variables. 5) Current value Hamiltonian 6) The recipe for analyzing one state variable autonomous problems, with an example. 7) Comparative statics of steady...

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Bergen Community College - ARE - 263
Larry Karp Notes for Dynamics October 2001 IV. Uncertainty 1) Maximizing expected utility with random time of death. 2) Affecting the probability of catastrophe - avoidable and unavoidable risk. Begin with a review of hazard functions. J is a random
Bergen Community College - ARE - 263
L. Karp Notes for DynamicsV. Dynamic Programming 1) 2) 3) 4) 5) 6) 7) 8) The basic idea of dynamic programming (discrete time). The linear quadratic (LQ) discrete time control problem with additive errors. Two problems related to the LQ problem. De
Bergen Community College - ARE - 263
L. Karp Notes for DynamicsVI. Two Stochastic Control Problems 1) Stochastic Control of Jump Process (i) Derivation of DPE (ii) Application to pollution control problem in section 4 2) Finite Markov chanins i) Discuss range management application. i
Bergen Community College - ARE - 263
L. Karp Notes for DynamicsVII. Limit Cycles in Intertemporal Adjustment Models 1. Describe basic models of convex adjustment, with one state variable. 2. Review basic fish problem with no costs of adjusting control. 3. Add adjustment costs to basic
Bergen Community College - ARE - 263
L. Karp Notes for DynamicsVIII. &quot;Nonconvex&quot; Control Problems 1) 2) 3) 4) 5) 6) 6) Describe growth model that leads to non-convex control problem Sketch phase portrait of solutions to FOCs Identify optimal candidate. Economic interpretation. A pollu
Bergen Community College - ARE - 263
L. Karp Notes for DynamicsIX. Linear Control Problems 1) 2) 3) 4) 5) One-state variable linear control problem. Necessary and sufficient condition for optimality. Most Rapid Approach Path (MRAP), and singular arc. Fishing example. Two-state variabl
Bergen Community College - ARE - 263
Larry Karp Notes for DynamicsX. Dynamic Games Types of problems1) &quot;Symmetric&quot; players. Each moves at the same time during a &quot;period&quot; (i.e., at each instant). Ex. 1 Common property resource extraction. x = stock, hi = i's extraction policy x f(x)
Bergen Community College - ARE - 263
Reading List Are 261, last two lectures I will discuss two types of dynamic games. In the first type (&quot;Nash&quot;), strategic agents make decisions simultaneously in each period (each instant of time). For example, agents extract a common property resourc
Bergen Community College - ARE - 263
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Bergen Community College - ARE - 263
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Sheet1 Total Value of Imports and Exports, \$ billion (source: China Statistical Yearbook, 1996) Trade Total Year Exports Imports Balance Trade 1980 18 -20 -2 1985 27 -42 -15 1986 31 -43 -12 1987 39 -43 -4 1988 48 -55 -7 1989 53 -59 -6 1990 62 -53 9 1
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Fall, 2003 F INAL E XAM D ECEMBER 8 2003ARE202ATackle first the question you think is the easier one. It's always a good strategy to make attempts at all parts of the question, because then you always have a chance at partial credit. If you omit
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Fall, 2003 F INAL E XAM D ECEMBER 8 2003ARE202ATackle first the question you think is the easier one. It's always a good strategy to make attempts at all parts of the question, because then you always have a chance at partial credit. If you omit
Bergen Community College - ARE - 211
Fall, 2003 F INAL E XAM D ECEMBER 8 2003ARE202ATackle first the question you think is the easier one. It's always a good strategy to make attempts at all parts of the question, because then you always have a chance at partial credit. If you omit
Berkeley - ARE - 211
Fall, 2003 F INAL E XAM D ECEMBER 8 2003ARE202ATackle first the question you think is the easier one. It's always a good strategy to make attempts at all parts of the question, because then you always have a chance at partial credit. If you omit
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Sheet1 Total Value of Imports and Exports, \$ billion (source: China Statistical Yearbook, 1996) Trade Total Year Exports Imports Balance Trade 1980 18 -20 -2 1985 27 -42 -15 1986 31 -43 -12 1987 39 -43 -4 1988 48 -55 -7 1989 53 -59 -6 1990 62 -53 9 1
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Section Notes 1, Econ 100A Spring 061Section Notes 1Covering no LectureClass Outline1. Welcome/Logistics 2. Introductions 3. Brief Math Review1IntroductionsIntroduce yourself to someone and write down the following information of the pe
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Section Notes 3, Econ 100A Spring 061Section Notes 3Covering material from Lecture on January 19thClass Outline1. Elasticity 2. Elasticities and Government Intervention1ElasticityElasticity: Percentage change in one variable resulting f
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Bergen Community College - ECON - 100
Section Notes 5, Econ 100A Spring 061Section Notes 5Covering material from Lecture on January 26thClass Outline1. The Optimal Bundle 2. Dissecting Marginal Rate of Substitution 3. Revealed Preference 4. Practice Problems Ch. 3.3-3.6, pg: 83-1
Bergen Community College - ECON - 100
Section Notes 7, Econ 100A Spring 061Section Notes 7Covering material from Lecture on February 2ndClass Outline1. Constrained Optimization 2. The Cobb-Douglas Utility Function1Constrained OptimizationWith the assumption of diminishing M
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Section Notes 8, Econ 100A Spring 061Section Notes 8Covering material from Lecture on February 7thClass Outline1. Market Demand: Consumers Coming Together 2. Consumer Surplus 3. Newtork Externalities1Market Demand: Consumers Coming Togeth
Bergen Community College - ECON - 100
Section Notes 9, Econ 100A Spring 061Section Notes 9Covering material from Lecture on February 9thClass Outline1. Expected Value vs. Expected Utility 2. Preferences for Risk1Expected Value vs. Expected UtilityAs we may know, probability
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Section Notes 10, Econ 100A Spring 061Section Notes 10Covering material from Lecture on February 14thClass Outline1. Production Functions 2. Input Choices 3. Returns to Scale1Production FunctionsNow that we have looked at consumers opti
Bergen Community College - ECON - 100
Section Notes 11, Econ 100A Spring 061Section Notes 11Covering material from Lecture on February 16thClass Outline1. Costs 2. Short Run Costs 3. Long Run Costs 4. Short Run vs. Long Run Production Decisions1CostsThere is a dierence betw
Bergen Community College - ECON - 100
Section Notes 12, Econ 100A Spring 061Section Notes 12Covering material from Lecture on February 21stClass Outline1. Short-Run vs. Long-Run Costs 2. Implications of downward sloping demand1Short-Run vs. Long-Run CostsRecall, short-run c
Bergen Community College - ECON - 100
Section Notes 13, Econ 100A Spring 061Section Notes 13Covering material from Lecture on February 23rdClass Outline1. Perfect Competition 2. Prot, Marginal Revenue and Marginal Cost 3. Prot Maximization1Perfect CompetitionPerfect competi
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Section Notes 16, Econ 100A Spring 061Section Notes 16Covering material from Lecture on March 9thClass Outline1. Specic Tax and Taris1Specic Tax and TarisA tari is a type of tax. A specic tax is one that sets an additional cost to each
Bergen Community College - ECON - 100
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Bergen Community College - ECON - 100
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Bergen Community College - ECON - 100
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Bergen Community College - ECON - 100
Section Notes 20, Econ 100A Spring 061Section Notes 20Covering material from Lecture on March 23rdClass Outline1. Advertising 2. Factor Markets Finish Problems from last section notes.1AdvertisingAs was discussed in lecture, when a rm s
Bergen Community College - ECON - 100
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Bergen Community College - ECON - 100
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Bergen Community College - ECON - 100
Section Notes 23, Econ 100A Spring 061Section Notes 23Covering material from Lecture on April 18thClass Outline1. Collusion with Constant Marginal Costs 2. Practice Noncooperative Games1Collusion with Constant Marginal CostsProblem: (P&amp;
Bergen Community College - ECON - 100
Section Notes 24, Econ 100A Spring 061Section Notes 24Covering material from Lecture on April 20thClass Outline1. Practice Problems Problem: (P&amp;R Chapter 13, Exercise 6) Two competing rms are each planning to introduce a new product. Each wil
Bergen Community College - ECON - 100
Section Notes 25, Econ 100A Spring 061Covering material from Lecture on April 25thSection Notes 25Class Outline1. Sequential Game 2. Assymetric Information HW Remark: What does it mean for a market to be ecient? What does it mean for an outc
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