🌿Canonical vs Current-Value Hamiltonian | Optimal Control (Quick Explanation)🌿
In this short video, I explain the difference between the canonical Hamiltonian and the current-value Hamiltonian in an optimal control problem with discounting. We look at: Why we change variables to avoid confusion How to set up both Hamiltonians The link between λₜ and sigma The intuition behind the co-state transformation This is part of my EMFSS/LSE optimisation and macroeconomics playlist. Perfect for students revising optimal control, Ramsey model, and dynamic optimisation. #OptimalControl #Hamiltonian #DynamicOptimisation #EMFSS #UOLLSE #Macroeconomics #RamseyModel #CurrentValueHamiltonian #CanonicalHamiltonian #EconomicsLectures #MathForEconomists #GraduateEconomics
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