Phillip Fanchon / Jati Sengupta
Control Theory Methods in Economics
- Springer US
- 2012
- Taschenbuch
- 272 Seiten
- ISBN 9781461378853
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
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