An Optimal Control Model of Product Improvement R and D

Abstract

A model is constructed to determine how much to put into a particular R and D program at any time. The problem is formulated in the following way: given a production function for technical change one seeks a path which maximizes the present discounted value of the difference between its benefits and costs. The model is developed within the context of a program in which an organization attempts to improve the performance of one of its systems subject to an arbitrary fiscal constraint which limits the rate of R and D spending on that system.

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Document Details

Document Type
Technical Report
Publication Date
Jul 26, 1971
Accession Number
AD0735075

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People

  • Robert Shishko

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  • RAND Corporation

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  • Human Systems

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  • Computational Modeling and Simulation
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