Solving Continuous-Time Optimal-Control Problems with a Spreadsheet

Abstract

The author explains how optimal-control problems can be solved with a common spreadsheet such as Microsoft Excel. He illustrates the method with several examples ranging from simple models to quite advanced topics. The method is intended to be beneficial to students and teachers working with complicated theory in the classroom as well as researchers needing a tool for finding numerical solutions to optimal control problems.

Key Words:

• numerical methods
• optimal control
• shooting

Additional information

Notes on contributors

Eric Nævdal

Eric N$aEvdal is a research fellow, Department of Forest Sciences, at the Agricultural University of Norway (e-mail: [email protected]). The author is grateful for comments from Suzanne Becker, William Becker, Jon M. Conrad, Roberto Garcia, and three anonymous reviewers. This article was partly written while the author was a research fellow at the Department of Economics and Social Sciences, Agricultural University of Norway and visiting at the Department of Economics and Finance, University of Wyoming, whose hospitality is gratefully acknowledged.