Linear Decentralized Control with Expectations
AbstractIn this paper, we consider a decentralized discrete-time control model with expectations. There are as many decision-makers as scalar state (and control) variables, and each decision-maker forms an expectation on the impact that affects him/her. Using rational and naive expectations, we describe the stability conditions of the alternative expectations. Our results generalized earlier ones by Metzler and Lovell, from an inventory control model to an abstract model, and solve the problem of the generation of a feasible normal path presented by Kornai and Martos.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Economic Systems Research.
Volume (Year): 11 (1999)
Issue (Month): 3 ()
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Web page: http://www.tandfonline.com/CESR20
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- Mayumi, Kozo, 2005. "An epistemological critique of the open Leontief dynamic model: Balanced and sustained growth, delays, and anticipatory systems theory," Structural Change and Economic Dynamics, Elsevier, vol. 16(4), pages 540-556, December.
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