Elements of Dynamic Optimization

Rating:
Summary: Excellent introduction
Review: An excellent introduction to the subject, just as Richard Feynman lecturing Physics, extremely readable!

Rating:
Summary: Easy to understand
Review: Dynamic optimization has been performing a great role in the analysis of the resources allocation. Perhaps decades ago, one could think that the static optimization of objective functions was enough, but, once this book is read, one can see how important the dynamic tools are to understand the process of choosing an specific economic policy through time. Chiang illustrates us with many applications of every day's models, such as, the Phillips Curve (the trade-off between inflation and unemployment), the Ramsey Model of Growth, and so on. Not only the lecture is easy, but it is highly understandable, as well.

Rating:
Summary: Chiang does it again.
Review: No one in the field of mathematical economics has half of Chiang's skill for explaining difficult subjects in a complete, understandable manner. If this is your textbook, consider yourself fortunate. If it isn't, buy it anyways. You'll definitely come out ahead.

Rating:
Summary: Better than any of the courses I had attented.
Review: The book of professor Chiang is not simply a good introductory text to dynamic optimization in the continuous-time form, but also provides a tight explanation of the related original economic models. It is better than any of the courses most people had attented before. I wish a similar book will appear soon, developing dynamic optimization tools, and especially optimal control in the discret-time form.

Rating:
Summary: Learn the stuff before writing a textbook
Review: This book may be great for students. I has many good examples, is well written and generally looks good. HOWEVER, for anyone who actually knows optimal control theory it is clear that the book has several flaws. The worst example is the section on transversality conditions in infinite horizon problems. Chiang simply has no idea what he is talking about.

Rating:
Summary: Elements of Dynamic Optimization
Review: Very few people have the quality of expressing ideas and concepts with such clarity and simplicity as Professor Chinag has done. If you are new to dynamic optimization, particularly calculus and variation and optimal control theory you had better start with this treatise.