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Optimal Control Methods For Linear Discrete Time Economic Systems
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Book Synopsis Optimal Control Methods for Linear Discrete-Time Economic Systems by : Y. Murata
Download or read book Optimal Control Methods for Linear Discrete-Time Economic Systems written by Y. Murata and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: As our title reveals, we focus on optimal control methods and applications relevant to linear dynamic economic systems in discrete-time variables. We deal only with discrete cases simply because economic data are available in discrete forms, hence realistic economic policies should be established in discrete-time structures. Though many books have been written on optimal control in engineering, we see few on discrete-type optimal control. More over, since economic models take slightly different forms than do engineer ing ones, we need a comprehensive, self-contained treatment of linear optimal control applicable to discrete-time economic systems. The present work is intended to fill this need from the standpoint of contemporary macroeconomic stabilization. The work is organized as follows. In Chapter 1 we demonstrate instru ment instability in an economic stabilization problem and thereby establish the motivation for our departure into the optimal control world. Chapter 2 provides fundamental concepts and propositions for controlling linear deterministic discrete-time systems, together with some economic applica tions and numerical methods. Our optimal control rules are in the form of feedback from known state variables of the preceding period. When state variables are not observable or are accessible only with observation errors, we must obtain appropriate proxies for these variables, which are called "observers" in deterministic cases or "filters" in stochastic circumstances. In Chapters 3 and 4, respectively, Luenberger observers and Kalman filters are discussed, developed, and applied in various directions. Noticing that a separation principle lies between observer (or filter) and controller (cf.
Book Synopsis Optimal Control Methods for Linear Discrete-time Economic Systems by : Yasuo Murata
Download or read book Optimal Control Methods for Linear Discrete-time Economic Systems written by Yasuo Murata and published by . This book was released on 1982 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Control Theory Methods in Economics by : Jati Sengupta
Download or read book Control Theory Methods in Economics written by Jati Sengupta and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Control theory methods in economics have historically developed over three phases. The first involved basically the feedback control rules in a deterministic framework which were applied in macrodynamic models for analyzing stabilization policies. The second phase raised the issues of various types of inconsistencies in deterministic optimal control models due to changing information and other aspects of stochasticity. Rational expectations models have been extensively used in this plan to resolve some of the inconsistency problems. The third phase has recently focused on the various aspects of adaptive control. where stochasticity and information adaptivity are introduced in diverse ways e.g .• risk adjustment and risk sensitivity of optimal control, recursive updating rules via Kalman filtering and weighted recursive least squares and variable structure control methods in nonlinear framework. Problems of efficient econometric estimation of optimal control models have now acquired significant importance. This monograph provides an integrated view of control theory methods, synthesizing the three phases from feedback control to stochastic control and from stochastic control to adaptive control. Aspects of econometric estimation are strongly emphasized here, since these are very important in empirical applications in economics.
Book Synopsis Macro-Economic Planning with Conflicting Goals by : M. Despontin
Download or read book Macro-Economic Planning with Conflicting Goals written by M. Despontin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Disequilibrium Model of Real and Financial Accumulation in an Open Economy by : Giancarlo Gandolfo
Download or read book A Disequilibrium Model of Real and Financial Accumulation in an Open Economy written by Giancarlo Gandolfo and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the fourth version of a model that five years ago we set out to build and estimate along the lines of the continuous time approach clarified In chapter 1. Previous versions appeared in journal articles and conference proceedings, where the space is notoriously limited. Therefore we welcome the possibility of publishing a book-length treatment of this fourth version, so that we can describe its theoretical and empirical aspects in some detail. Although we have worked closely together and accept joint responsibility for the whole book, chs. 1 and 2 and appendix I have been written by G. Gandolfo, whilst chs. ] and 4 and appendix II have been written by P.c. Padoan. Different parts of this version of the model have been discussed In various lectures at the European University Institute (Florence) in 1984, In a seminar organized by the Bank of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), in the second Viennese Workshop on Economic Applications of Control Theory (Vienna, May 16-18, 1984), and in the sixth annual Conference of the Society for Economic Dynamics and Control (Nice, France, June 13-15, 1984). In all of these we received helpful comments; similarly helpful were the comments of Clifford R .. Wymer, who, however, is absolved of any responsibility.
Book Synopsis The M/M/∞Service System with Ranked Servers in Heavy Traffic by : G.F. Newell
Download or read book The M/M/∞Service System with Ranked Servers in Heavy Traffic written by G.F. Newell and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are concerned here with a service facility consisting of a large (- finite) number of servers in parallel. The service times for all servers are identical, but there is a preferential ordering of the servers. Each newly arriving customer enters the lowest ranked available server and remains there until his service is completed. It is assumed that customers arrive according to a Poisson process of rate A , that all servers have exponentially distributed service times with rate ~ and that a = A/~ is large compared with 1. Generally, we are concerned with the stochastic properties of the random function N(s ,t) describing the number of busy servers among the first s ordered servers at time t. Most of the analysis is motivated by special applications of this model to telephone traffic. If one has a brunk line with s primary channels, but a large number (00) of secondary (overflow) channels, each newly arriving customer is assigned to one of the primary channels if any are free; otherwise, he is assigned to a secondary channel. The primary and secondary channels themselves could have a preferential ordering. For some purposes, it is convenient to imagine that they did even if an ordering is irrelevant.
Book Synopsis Interactive Decision Analysis by : M. Grauer
Download or read book Interactive Decision Analysis written by M. Grauer and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the week of September 20-23, 1983, an International Workshop on Interactive Decision Analysis and Interpretative Computer Intelligence was held at the International Institute for Applied Systems Analysis (IIASA) in Laxenburg, Austria. More than fifty scientists representing seventeen coun tries participated. The aim of the Workshop was to review existing approaches to problems involving multiple conflicting objectives, to look at methods and techniques for interactive decision analysis, and to demonstrate theuse of existing interactive decision-support systems. The Workshop was motivated, firstly, by the realization that the rapid development of computers, especially microcomputers, will greatly increase the scope and capabilities of computerized decision-support systems. It is important to explore the potential of these systems for use in handling the complex technological, environmental, economic and social problems thatface the world today. Research in decision-support systems also has another, less tangible but possibly more important, motivation. The development of efficient sys tems for decision support requires a thorough understanding of the dif ferences between the decision-making processes in different nations and cultures. An understanding of the different rationales underlying decision making is not only necessary for the development of efficient decision support systems, but is also an important factor in encouraging inter national understanding and cooperation.
Book Synopsis Bayesian Full Information Analysis of Simultaneous Equation Models Using Integration by Monte Carlo by : L. Bauwens
Download or read book Bayesian Full Information Analysis of Simultaneous Equation Models Using Integration by Monte Carlo written by L. Bauwens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: In their review of the "Bayesian analysis of simultaneous equation systems", Dr~ze and Richard (1983) - hereafter DR - express the following viewpoint about the present state of development of the Bayesian full information analysis of such sys tems i) the method allows "a flexible specification of the prior density, including well defined noninformative prior measures"; ii) it yields "exact finite sample posterior and predictive densities". However, they call for further developments so that these densities can be eval uated through 'numerical methods, using an integrated software packa~e. To that end, they recommend the use of a Monte Carlo technique, since van Dijk and Kloek (1980) have demonstrated that "the integrations can be done and how they are done". In this monograph, we explain how we contribute to achieve the developments suggested by Dr~ze and Richard. A basic idea is to use known properties of the porterior density of the param eters of the structural form to design the importance functions, i. e. approximations of the posterior density, that are needed for organizing the integrations.
Book Synopsis Misspecification Analysis by : Theo K. Dijkstra
Download or read book Misspecification Analysis written by Theo K. Dijkstra and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stochastic Models in Reliability Theory by : S. Osaki
Download or read book Stochastic Models in Reliability Theory written by S. Osaki and published by Springer Science & Business Media. This book was released on 2013-03-08 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Nonlinear Models of Fluctuating Growth by : R.M. Goodwin
Download or read book Nonlinear Models of Fluctuating Growth written by R.M. Goodwin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Modelling and Control of National Economies 1989 by : N.M. Christodoulakis
Download or read book Dynamic Modelling and Control of National Economies 1989 written by N.M. Christodoulakis and published by Elsevier. This book was released on 2014-06-28 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Symposium aimed at analysing and solving the various problems of representation and analysis of decision making in economic systems starting from the level of the individual firm and ending up with the complexities of international policy coordination. The papers are grouped into subject areas such as game theory, control methods, international policy coordination and the applications of artificial intelligence and experts systems as a framework in economic modelling and control. The Symposium therefore provides a wide range of important information for those involved or interested in the planning of company and national economics.
Book Synopsis Optimal Control Theory by : Suresh P. Sethi
Download or read book Optimal Control Theory written by Suresh P. Sethi and published by Springer. This book was released on 2018-11-28 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fully revised 3rd edition offers an introduction to optimal control theory and its diverse applications in management science and economics. It brings to students the concept of the maximum principle in continuous, as well as discrete, time by using dynamic programming and Kuhn-Tucker theory. While some mathematical background is needed, the emphasis of the book is not on mathematical rigor, but on modeling realistic situations faced in business and economics. The book exploits optimal control theory to the functional areas of management including finance, production and marketing and to economics of growth and of natural resources. In addition, this new edition features materials on stochastic Nash and Stackelberg differential games and an adverse selection model in the principal-agent framework. The book provides exercises for each chapter and answers to selected exercises to help deepen the understanding of the material presented. Also included are appendices comprised of supplementary material on the solution of differential equations, the calculus of variations and its relationships to the maximum principle, and special topics including the Kalman filter, certainty equivalence, singular control, a global saddle point theorem, Sethi-Skiba points, and distributed parameter systems. Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the author has applied to business management problems developed from his research and classroom instruction. The new edition has been completely refined and brought up to date. Ultimately this should continue to be a valuable resource for graduate courses on applied optimal control theory, but also for financial and industrial engineers, economists, and operational researchers concerned with the application of dynamic optimization in their fields.
Book Synopsis Constrained Optimal Control of Linear and Hybrid Systems by : Francesco Borrelli
Download or read book Constrained Optimal Control of Linear and Hybrid Systems written by Francesco Borrelli and published by Springer. This book was released on 2003-09-04 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many practical control problems are dominated by characteristics such as state, input and operational constraints, alternations between different operating regimes, and the interaction of continuous-time and discrete event systems. At present no methodology is available to design controllers in a systematic manner for such systems. This book introduces a new design theory for controllers for such constrained and switching dynamical systems and leads to algorithms that systematically solve control synthesis problems. The first part is a self-contained introduction to multiparametric programming, which is the main technique used to study and compute state feedback optimal control laws. The book's main objective is to derive properties of the state feedback solution, as well as to obtain algorithms to compute it efficiently. The focus is on constrained linear systems and constrained linear hybrid systems. The applicability of the theory is demonstrated through two experimental case studies: a mechanical laboratory process and a traction control system developed jointly with the Ford Motor Company in Michigan.
Book Synopsis Developments of Control Theory for Economic Analysis by : Carlo Carraro
Download or read book Developments of Control Theory for Economic Analysis written by Carlo Carraro and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Giovanni Castellani Rector of the University of Venice This book contains the Proceedings of the Conference on "Economic Policy and Control Theory" which was held at the University of Venice (Italy) on 27 January-l February 1985. The goal of the Conference was to survey the main developments of control theory in economics, by emphasizing particularly new achievements in the analysis of dynamic economic models by con trol methods. The development of control theory is strictly related to the development of science and technology in the last forty years. Control theory was indeed applied mainly in engineering, and only in the sixties economists started using control methods for analys ing economic problems, even if some preliminary economic applica tions of calculus of variations, from which control theory was then developed, date back to the twenties. Applications of control theory in economics also had to solve new, complicated, problems, like those encountered in optimal growth models, or like the determination of the appropriate inter temporal social welfare function, of the policy horizon and the relative final state of the system, of the appropriate discount factor. Furthermore, the uncertainty characterizing economic models had to be taken into account, thus giving rise to the development of stochastic control theory in economics.
Book Synopsis Control Theory and Dynamic Games in Economic Policy Analysis by : Maria Luisa Petit
Download or read book Control Theory and Dynamic Games in Economic Policy Analysis written by Maria Luisa Petit and published by Cambridge University Press. This book was released on 1990 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the stabilisation and control of centralised policy-making and its economic implications.
Book Synopsis Applied Macroeconomics for Public Policy by : Rafael Yanushevsky
Download or read book Applied Macroeconomics for Public Policy written by Rafael Yanushevsky and published by Academic Press. This book was released on 2018-09-28 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems. The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. As high debt to GDP ratios cause problems in societies, this book provides insights on improving economies during and after economic downturns. - Provides a detailed analysis of existing macroeconomic models - Addresses the dynamics of debt to GDP ratio and the effects of fiscal and monetary policy on this ratio - Shows how to use models to evaluate the dynamics of the debt to GDP ratio in cases of government spending and tax cuts and to decide whether such economic measures are efficient - Uses optimal theory to obtain optimal yearly debt levels to reach the established goals (decrease debt or balance budget) - Provides many examples and software exercises to promote learning by doing
