Control of economic systems under the process of data improvement

DOI10.1016/0165-1889(88)90001-2MaRDI QIDQ1111909zbMATH OpenOpenAlexFDO

Authors V. Z. Belenky, A. M. Belostotsky

Publication date 1988

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0165-1889(88)90001-2

zbMATH Keywords

conventional technologydata improvementdynamic model of choicenew technologyoptimal controlstochastic process

Mathematics Subject Classification ID

Economic growth models (91B62) Optimal stochastic control (93E20)

Review text

Presented is an approach to optimally controlling an economic system with some parameters incompletely defined. An idea of data improvement is discussed by the authors with respect to the economic parameters of the controlled system. Data improvement is a stochastic process of decreasing (in time) the interval of uncertainty. It may by considered as a process with ``independent decrements of entropy. Based on a simple dynamic model of choice between the existing conventional technology and a new technology the authors explain the idea of optimal control with data improvement.

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Cited in

(1)

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