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Quadratic open-loop optimal control of economic systems

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1 Author(s)
A. Havenner ; Univ. of California, Davis, CA, USA

This paper exploits the formal analogy between least-squares estimation and quadratic open-loop control to impose a variety, of restrictions, to gain insight into problems of numeric instability, and to propose indexes of policy effectiveness and the importance of instrument costs to the solution. In addition, it provides an open-loop stochastic control solution with computational advantages in certain situations. Although the emphasis is on control problems in economics, the results are believed to be of general interest.

Published in:

IEEE Transactions on Automatic Control  (Volume:29 ,  Issue: 5 )