Robust Systems Theory Applications To Macroeconomic Stabilization Problems
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Robustness
Author | : Lars Peter Hansen |
Publisher | : Princeton University Press |
Total Pages | : 453 |
Release | : 2016-06-28 |
Genre | : Business & Economics |
ISBN | : 0691170975 |
The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.
Control and Dynamic Systems V50: Robust Control System Techniques and Applications
Author | : C.T. Leonides |
Publisher | : Elsevier |
Total Pages | : 480 |
Release | : 2012-12-02 |
Genre | : Technology & Engineering |
ISBN | : 0323163025 |
Control and Dynamic Systems: Advances in Theory and Applications, Volume 50: Robust Control System Techniques and Applications, Part 1 of 2 is a two-volume sequence devoted to the issues and application of robust control systems techniques. This volume is composed of 10 chapters and begins with a presentation of the important techniques for dealing with conflicting design objectives in control systems. The subsequent chapters describe the robustness techniques of systems using differential-difference equations; the design of a wide class of robust nonlinear systems, the techniques for dealing with the problems resulting from the use of observers in robust systems design, and the effective techniques for the robust control on non-linear time varying of tracking control systems with uncertainties. These topics are followed by discussions of the effective techniques for the robust control on non-linear time varying of tracking control systems with uncertainties and for incorporating adaptive control techniques into a (non-adaptive) robust control design. Other chapters present techniques for achieving exponential and robust stability for a rather general class of nonlinear systems, techniques in modeling uncertain dynamics for robust control systems design, and techniques for the optimal synthesis of these systems. The last chapters provide a generalized eigenproblem solution for both singular and nonsingular system cases. These chapters also look into the stability robustness design for discrete-time systems. This book will be of value to process and systems engineers, designers, and researchers.
Macroeconomic Theory and Stabilization Policy
Author | : Willem H. Buiter |
Publisher | : University of Michigan Press |
Total Pages | : 392 |
Release | : 1989 |
Genre | : Economic development |
ISBN | : 9780472101382 |
Brings together Buiter's major papers on macroeconomic theory and policy
Systems Analysis and Simulation 1988, I: Theory and Foundations. Proceedings of the International Symposium held in Berlin (GDR), September 12–16, 1988
Author | : Achim Sydow |
Publisher | : Walter de Gruyter GmbH & Co KG |
Total Pages | : 428 |
Release | : 2022-01-19 |
Genre | : Social Science |
ISBN | : 3112471768 |
Macroeconomic Analysis and Economic Policy Based on Parametric Control
Author | : Abdykappar A. Ashimov |
Publisher | : Springer Science & Business Media |
Total Pages | : 276 |
Release | : 2011-11-25 |
Genre | : Business & Economics |
ISBN | : 146141153X |
After the transition to free economy, governments of the former Soviet republics realized that in spite of becoming a part of the shaky international economic order, their individual economic success can be assured by rational national economic policies that in addition to the fundamental law of supply and demand govern the economic mechanism sensitive to both external and internal phenomena. Originally published in Russian and now translated in English, this book by Dr. A. Ashimov and his colleagues offers a novel theory providing a numerically-justifiable approach to the solution of major economy control problems that are faced by virtually every government in the world. First, they developed and validated numerous mathematical models describing complex interactions between economic and social factors thus enabling the decision makers to foresee the outcomes of their decisions. Second, on the basis of these models the authors formulated the appropriate control problems that could be interpreted as achieving the transition to the desirable economic regimes and maintaining these regimes in spite of initial conditions and both external and internal perturbations. It should be noted that due to the inherent uncertainty introduced by the use of statistical models, the nonlinearity of the underlying phenomena and the intention to obtain the optimal solutions, the solution process becomes quite intricate and calls for the application of the most sophisticated techniques offered in advanced control theory. The authors utilized the most instrumental statistical model validation techniques; they established sufficient conditions for the existence of optimal solutions of the relevant control problems; and they skillfully combined the applications of the phase space formalism, system stability analysis, and the methods of functional analysis. Finally, they developed algorithms resulting in the optimal problem solutions, thus offering economic policy makers a dependable decision support tool. Macroeconomic Analysis and Economic Policy Based on Parametric Control offers a novel, highly mathematical approach to the solution of very realistic economy control problems. It presents a good example of the application of mathematical modeling, advanced control theory, and model-based decision making that could be adopted by researchers and graduate students specializing in economics, control, and relevant areas of research, addressing their own research problems.
The Stability of a Macroeconomic System with Quantity Constraints
Author | : P.van den Heuvel |
Publisher | : Springer Science & Business Media |
Total Pages | : 172 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642954200 |
Modern Optimal Control
Author | : E. O. Roxin |
Publisher | : CRC Press |
Total Pages | : 468 |
Release | : 1989-07-28 |
Genre | : Mathematics |
ISBN | : 9780824781682 |