Part 2 of dynamic optimization deals with the Hamilton-Jacobi-Bellman approach. Part 3 covers with dynamic optimization in continuous time using Pontryagin’s Maximum Principle and cand be found here: ruclips.net/video/scFWpkdKKYc/видео.htmlsi=r1rqHz_RMLopGGu- For the full playlist on Optimization for Economists, please see ruclips.net/p/PLHCd4G3qW92lp96KSCgby9gMPMDzL_p9_ For applications of dynamic optimization in macroeconomics, please see ruclips.net/p/PLHCd4G3qW92kRLjoJN32TNz5QyhftE83j Thank you for all the nice comments! I highly appreciate them.
Mr. Prettner, thank you again for such a great lecture. I think every student should have the experience of learning from an amazing professor like you.
Thank you for your lectures ! They are so amazing. I took the advanced macroeconomics many years ago, I really hope you were my professor that time. Could I get the slides, they will be very helpful for me to review this class.
Thank you for your positive feedback! For numerical solutions in general (and numerical dynamic programming, in particular), I would recommend the book by Fehr and Kindermann (2018): Introduction to Computational Economics Using Fortran.
Some of the videos are suited to the bachelor level (the Solow model with and without technological progress) but most would fit better to the master level or the beginning PhD level.
Thank you so much for your videos! Really comprehensive explanations. Could you please upload the slides somewhere, so one can take notes and revisit the material?
I think one straightforward way of practicing would be to change the utility function as you see it in the lecture (e.g., from CRRA to log-utility) and then do the calculations on your own. You know the final result because it is just the Euler equation for theta=1. This way you can check whether you are able to do the FOCs and the derivations on your own. In class I usually have exercises, but they are much more difficult to turn into useful videos. If I find a good way of doing that, I will try in the future. Good luck with the exams!
Hi @@alessiogarau7948, Sorry, I did not get one. Did you send it to my address at WU? www.wu.ac.at/economics/mitarbeiter-innen/prettner-k/ Perhaps you sent it to an older address to which I do not havy access anymore.
When the time is discreet then the utility function is not differentiable because it is not continuous. So how can we apply the method of Lagrange multiplier? By the way, the three lecture series is extremely helpful and lots of good wishes to you sir.
Thank you very much! I am glad you find the lectures helpful. Regarding your question, please note that in discrete time you are taking the derivative with respect to consumption (at a particular point in time) but not with respect to time itself. Thus, the method of Lagrange can be applied.
Thanks for your excellent lecture! Could you please send the slides to me? (I've also sent an email to you) I think it would be really helpful to review.
Part 2 of dynamic optimization deals with the Hamilton-Jacobi-Bellman approach. Part 3 covers with dynamic optimization in continuous time using Pontryagin’s Maximum Principle and cand be found here: ruclips.net/video/scFWpkdKKYc/видео.htmlsi=r1rqHz_RMLopGGu-
For the full playlist on Optimization for Economists, please see
ruclips.net/p/PLHCd4G3qW92lp96KSCgby9gMPMDzL_p9_
For applications of dynamic optimization in macroeconomics, please see
ruclips.net/p/PLHCd4G3qW92kRLjoJN32TNz5QyhftE83j
Thank you for all the nice comments! I highly appreciate them.
I’ve been trying to learn dynamic optimization by myself, this is the best learning material I find so far!!!
Thank you very much for your positive feedback! I am happy that you like the material and find it useful.
Mr. Prettner, thank you again for such a great lecture. I think every student should have the experience of learning from an amazing professor like you.
Thank you so much for your positive feedback! This means a lot to me and I am happy that you find the lectures useful!
Thanks for this awesome material, best explanation of the optimal principal.
Thank you very much for your positive feedack!
Thank you for your lectures ! They are so amazing. I took the advanced macroeconomics many years ago, I really hope you were my professor that time. Could I get the slides, they will be very helpful for me to review this class.
Thank you very much! I am glad you like the videos. Yes, please write me an email to my university email address and I can send you the slides.
Thanks a lot, will do @@KlausPrettner
One of the finest macroeconomists in his field who publishes outstanding classes for free, it's just amazing. Thanks, professor!
Thank you so much for your kind feedback! I am very happy that you like the videos!
Where can I find numerical on dynamic programming? thank you for such a great lecture!
Thank you for your positive feedback!
For numerical solutions in general (and numerical dynamic programming, in particular), I would recommend the book by Fehr and Kindermann (2018): Introduction to Computational Economics Using Fortran.
I found the lecture to be exceptionally clear. Would it be possible for you to share the presentation slides?
Thank you for your positive feedback! I have sent you the slides and hope they are helpful.
May I ask? Are these videos for master's degree or Ph.D.? or bachelor?
Some of the videos are suited to the bachelor level (the Solow model with and without technological progress) but most would fit better to the master level or the beginning PhD level.
Thank you so much for your videos! Really comprehensive explanations. Could you please upload the slides somewhere, so one can take notes and revisit the material?
Thank you for your positive feedback! If you write an email to me I can send you the pdf files.
thankyou so much sir can you plese tell where we can get sloved question on any website to practice
This was great but where can i practice? My exams are coming up and im freaking out tbh.
I think one straightforward way of practicing would be to change the utility function as you see it in the lecture (e.g., from CRRA to log-utility) and then do the calculations on your own. You know the final result because it is just the Euler equation for theta=1. This way you can check whether you are able to do the FOCs and the derivations on your own.
In class I usually have exercises, but they are much more difficult to turn into useful videos. If I find a good way of doing that, I will try in the future.
Good luck with the exams!
These videos are a diamond. Could I also have the slides relating to these 3 lessons on Dynamic optimization? Thank you!
Thank you very much for your positive feedback! Yes, I can provide you with the slides. Could you send me an email?
Hi @@KlausPrettner , I sent an email previous week.
Hi @@alessiogarau7948, Sorry, I did not get one. Did you send it to my address at WU?
www.wu.ac.at/economics/mitarbeiter-innen/prettner-k/
Perhaps you sent it to an older address to which I do not havy access anymore.
When the time is discreet then the utility function is not differentiable because it is not continuous. So how can we apply the method of Lagrange multiplier? By the way, the three lecture series is extremely helpful and lots of good wishes to you sir.
Thank you very much! I am glad you find the lectures helpful.
Regarding your question, please note that in discrete time you are taking the derivative with respect to consumption (at a particular point in time) but not with respect to time itself. Thus, the method of Lagrange can be applied.
Hello Mr. Prettner, is it possible to obtain the slide files (the latex version) of your lectures? Thank you
Hello Mr. Garbado, I could send you the pdf file of the slides (but not the latex file)
Thank you for this!
Thanks for your excellent lecture! Could you please send the slides to me? (I've also sent an email to you) I think it would be really helpful to review.
Thank you! I have just sent you the slides.