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THE VALUE FUNCTIONAL: THEORY

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0015
Subject:
Economics and Finance, Financial Economics

This chapter presents the theory behind the novel value functional method. This includes the importance of the definition of the firm introduced in this book, which includes separation, replicable ... More


Optimal Control Theory

Emanuel Todorov

in Bayesian Brain: Probabilistic Approaches to Neural Coding

Published in print:
2006
Published Online:
August 2013
ISBN:
9780262042383
eISBN:
9780262294188
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262042383.003.0012
Subject:
Neuroscience, Disorders of the Nervous System

Optimal control theory is a mathematical discipline for studying the neural control of movement. This chapter presents a mathematical introduction to optimal control theory and discusses the ... More


Stochastic Optimal Control

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198775188
eISBN:
9780191595981
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198775180.003.0014
Subject:
Economics and Finance, Financial Economics

This chapter gives a self‐contained introduction to optimal control of stochastic differential equations. We derive the Hamilton‐Jacobi‐Bellman equation as well as a verification theorem. The general ... More


Continuous-Time Portfolio Choice and Pricing

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0014
Subject:
Economics and Finance, Financial Economics

The Euler equation is defined. The static approach can be used to derive an optimal portfolio in a complete market and when the investment opportunity set is constant. In the latter case, the optimal ... More


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