Control of linear dynamic market systems (Q1106077)
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scientific article; zbMATH DE number 4060952
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| English | Control of linear dynamic market systems |
scientific article; zbMATH DE number 4060952 |
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Control of linear dynamic market systems (English)
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1986
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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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perfect foresight dynamic equilibrium model
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linear optimal control
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reachability
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existence of a dynamic equilibrium
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observability
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0.8161736726760864
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0.7940225005149841
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0.7868384718894958
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0.7764079570770264
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