Adaptive Processes in Economic Systems 1st Edition

Adaptive Processes in Economic Systems 1st Edition

: In stock

: Academic Press

: 9781483264073

: Multimedia

Authors: Roy E. Murphy
Editors: Richard Bellman
eBook ISBN: 9781483264073
Imprint: Academic Press
Published Date: 1st January 1965
Page Count: 224

Mathematics in Science and Engineering, Volume 20, Adaptive Processes in Economic Systems demonstrates the usefulness of communications theory, self-adaptive control theory, and thermodynamic theory to certain economic processes.

This book discusses the common properties of adaptive processes, role of the decision maker, and mixed adaptive processes of the first and second kind. The economic environmental processes, concept of entropy time, and stochastic dynamic economic process are also elaborated. This text likewise covers the investment model with full liquidity, adaptive capital allocation process, and concept of an economic state space. Other topics include the stochastic equilibrium in the market and individual adaptive behavior.

This volume is suitable for engineers, economists, and specialists of disciplines related to economic systems.

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