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Adaptive Control for Economic Models Revisited

Author

Listed:
  • David A. Kendrick

    (Department of Economics University of Texas)

Abstract

This paper revisits an area of economic research that was very active some years ago and, after a quiet period, is once again becoming active. Adaptive control models consider not only additive uncertainty but also mulitplicative uncertainty in the model parameters as well as measurement error. In this context there is consideration of the effect of control (policy) action not only on reaching desireable targets but also on the learning effects on the parameters induced by the control action. Thus this area is also sometimes called "dual" control

Suggested Citation

  • David A. Kendrick, 2005. "Adaptive Control for Economic Models Revisited," Computing in Economics and Finance 2005 57, Society for Computational Economics.
    • Handle: RePEc:sce:scecf5:57
    as

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    Citations

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    Cited by:

    1. Preston J. Miller & Arthur J. Rolnick, 1979. "The CBO's policy analysis: an unquestionable misuse of a questionable theory," Staff Report 49, Federal Reserve Bank of Minneapolis.

    More about this item

    Keywords

    stochastic control; feedback control;

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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