Spatiotemporal robust control in infinite dimensional spaces
We formulate infinite dimensional stochastic robust optimal control problems, motivated by applications arising in interconnected economic systems, or spatially extended economies. We study in detail linear quadratic problems and nonlinear problems. We derive optimal robust controls and identify conditions under which concerns about model misspecification at specific cite(s) could cause regulation to break down, to be very costly, or to induce pattern formation and spatial clustering. We call sites associated with these phenomena hot spots.
|Date of creation:||11 Apr 2014|
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- Stergios Athanassoglou & Anastasios Xepapadeas, "undated".
"Pollution control: when, and how, to be precautious,"
DEOS Working Papers
1112, Athens University of Economics and Business.
- Stergios Athanassoglou & Anastasios Xepapadeas, 2011. "Pollution Control: When, and How, to be Precautious," Working Papers 2011.18, Fondazione Eni Enrico Mattei.
- Magill, Michael J. P., 1977. "A local analysis of N-sector capital accumulation under uncertainty," Journal of Economic Theory, Elsevier, vol. 15(1), pages 211-219, June.
- W. Brock & A. Xepapadeas & A. Yannacopoulos, 2014. "Robust Control and Hot Spots in Spatiotemporal Economic Systems," Dynamic Games and Applications, Springer, vol. 4(3), pages 257-289, September.
- Athanasios Yannacopoulos & Anastasios Xepapadeas & William Brock, "undated". "Robust Control and Hot Spots in Spatiotemporal Economic Systems," DEOS Working Papers 1223, Athens University of Economics and Business.
- Thomas J. Sargent & LarsPeter Hansen, 2001. "Robust Control and Model Uncertainty," American Economic Review, American Economic Association, vol. 91(2), pages 60-66, May.
- Magill, Michael J. P., 1977. "Some new results on the local stability of the process of capital accumulation," Journal of Economic Theory, Elsevier, vol. 15(1), pages 174-210, June.
- Lars Ljungqvist & Thomas J. Sargent, 2004. "Recursive Macroeconomic Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 026212274x, January. Full references (including those not matched with items on IDEAS)
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