For serious math, I recommend upgrading to the Burrian. It kills the Hamiltonian.
What is the Burrian?
Ok, think of a standard constrained optimisation problem. (For simplicity, you can imagine a utility maximisation problem with two goods.) one standard way to solve this is by writing down a Lagrangian.
The Hamiltonian is basically the analogue of the Lagrangian for a continuous time dynamic optimisation problem. Your constraint is the differential equation that gives you the law of motion of the state variable.
Small brained PhD student here.
Why would we use hamiltonians in economics? like when do we ever have a dynamic constraint?
Tomorrow's asset is today's asset plus return minus consumption. That's a dynamic constraint.
If you haven't noticed yet that these type of constraints are ubiquitous in economics, your teachers failed you.
Small brained PhD student here.
Why would we use hamiltonians in economics? like when do we ever have a dynamic constraint?Tomorrow's asset is today's asset plus return minus consumption. That's a dynamic constraint.
If you haven't noticed yet that these type of constraints are ubiquitous in economics, your teachers failed you.
This is the EJMR Answer I wanted an answer with a little bit of "YOU TARD"
Small brained PhD student here.
Why would we use hamiltonians in economics? like when do we ever have a dynamic constraint?Tomorrow's asset is today's asset plus return minus consumption. That's a dynamic constraint.
If you haven't noticed yet that these type of constraints are ubiquitous in economics, your teachers failed you.This is the EJMR Answer I wanted an answer with a little bit of "YOU TARD"
You brought it on yourself, didn't you?