A Survey of Management Science Applications of the Deterministic Maximum Principle
University of Texas at Dallas - Naveen Jindal School of Management
TIMS Studies in the Management Sciences, Vol. 9, pp. 33-67, 1978
Ever since the publication of Pontryagin's Maximum Principle, the number of its applications to management science problems has been steadily growing. This paper is an up-to-date survey of the applications of the deterministic maximum principle to the three functional areas of management: Finance, Production, and Marketing. The specific problems represented by these applications are cash balance problems, optimal financing problems, production and inventory problems, machine replacement problems, and optimal advertising problems. In addition, other selected management science applications are briefly described or simply listed. The survey concludes with suggestions for directions of future research.
Number of Pages in PDF File: 36
Keywords: maximum principle, management science, finance, production, marketing, cash balance problems, optimal financing problems, production and inventory problems, machine replacement problems, optimal advertising problems
JEL Classification: C61, M30Accepted Paper Series
Date posted: July 22, 2010
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