Optimal closed-loop control stability and transient behaviour of a class of linear dynamic economic models (original) (raw)

European Journal of Operational Research, 1979

Abstract

Abstract In this paper an attempt is made to apply results from linear systems theory and Liapunov stability theory to analyze a class of linear economic models. For a quadratic performance index, the Riccati equation can be used to derive the optimal control law in closed-loop form. Once the system is synthesized, the second method of Liapunov can be used to study the transient behaviour of the system. The approach is illustrated through two simple economic models.

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