Optimal Control Formulations and Solutions of A Variety of Dynamic Operations Management and Economi
Suresh Sethi is the key figure in the development and use of optimal control theory to address dynamic and stochastic problems in management science. Sethi wrote his 1972 doctoral thesis on optimal control and its applications. Sethi extended the theory to deal with the special characteristics of management problems, such as the nonnegativity constraints and time lags. His thesis and the subsequent work eventually led to the classic 1981 Sethi-Thompson book that brought the theory of optimal control to management schools. The second edition (505 pages) of this classic text became available in Fall 2000. Central to the book is its extraordinarily wide range of optimal control theory applications. These cover finance, production and inventory problems, marketing, machine maintenance and replacement, optimal consumption of natural resources (renewable or exhaustible), and a number of applications to economics.
Read more about this topic: Suresh P. Sethi, Selected Contributions
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