Description
Book SynopsisThe optimization of production under recursive conditions lends itself to general mathematical methods of dynamic programming and optimal control theory. This is the main theme of the essays included in this fifth volume of Kenneth Arrow’s
Collected Papers.
Table of Contents1. On the Use of Winds in Right Planning 2. Optimal Inventory Policy 3. Capital-Labor Substitution and Economic Efficiency 4. Economic Welfare and the Allocation of Resources for Invention 5. Optimal Capital Adjustment 6. Optimal Advertising Policy under Dynamic Conditions 7. The Economic Implications of Learning by Doing 8. Optimal Capital Policy, the Cost of Capital, and Myopic Decision Rules 9. Knowledge, Productivity, and Practice 10. Criteria for Social Investment 11. Discounting and Public Investment Criteria 12. Some Tests of the International Comparisons of Factor Efficiency with the CES Production Function: Reply 13. Optimal Capital Policy with Irreversible Investment 14. Applications of Control Theory to Economic Growth 15. Classificatory Notes on the Production and Transmission of Technological Knowledge 16. Optimal Consumer Allocation over an Infinite Horizon 17. Optimal Public Investment Policy and Controllability with Fixed Private Savings Ratio 18. Uniqueness of the Internal Rate of Return with Variable Life of Investment 19. The Social Discount Rate 20. Optimal Growth with Irreversible Investment in a Ramsey Model 21. Uncertainty and the Evaluation of Public Investment Decisions 22. Uncertainty and the Evaluation of Public Investment Decisions: Reply 23. A Production Function for the Repairman Problem 24. The Measurement of Real Value Added Index
