Control of linear dynamic market systems

DOI10.1016/0165-1889(86)90001-1MaRDI QIDQ1106077zbMATH OpenOpenAlexFDO

Authors David G. Luenberger

Publication date 1986

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(86)90001-1

zbMATH Keywords

existence of a dynamic equilibriumlinear optimal controlobservabilityperfect foresight dynamic equilibrium modelreachability

Mathematics Subject Classification ID

Existence theories for optimal control problems involving ordinary differential equations (49J15) Economic growth models (91B62) Controllability (93B05) Observability (93B07)

Review text

The paper introduces a perfect foresight dynamic equilibrium model where the behaviour of profit-maximizing producers is presented by a linear optimal control problem, while the market demand is a given time- dependent linear vector-function of prices. The resulting system is studied from the viewpoint of control theory. The questions of reachability (which is here equivalent to the existence of a dynamic equilibrium subject to any value of a terminal bound) and observability are of primary concern.

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Cites work

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• Exponential stability of positive implicit dynamic equations with constant coefficients
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• On a possible interpretation of market dynamics based on the internal model principle
• Optimal control problem for quasilinear hyperbolic system: the Slutsky equation

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