Control theory methods in economics have historically developed
over three phases. The first involved basically the feedback
control rules in a deterministic framework which were applied in
macrodynamic models for analyzing stabilization policies. The
second phase raised the issues of various types of inconsistencies
in deterministic optimal control models due to changing information
and other aspects of stochasticity. Rational expectations models
have been extensively used in this plan to resolve some of the
inconsistency problems. The third phase has recently focused on the
various aspects of adaptive control. where stochasticity and
information adaptivity are introduced in diverse ways e.g . risk
adjustment and risk sensitivity of optimal control, recursive
updating rules via Kalman filtering and weighted recursive least
squares and variable structure control methods in nonlinear
framework. Problems of efficient econometric estimation of optimal
control models have now acquired significant importance. This
monograph provides an integrated view of control theory methods,
synthesizing the three phases from feedback control to stochastic
control and from stochastic control to adaptive control. Aspects of
econometric estimation are strongly emphasized here, since these
are very important in empirical applications in economics."
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