Control (optimal control theory)

In optimal control theory, a control is a variable chosen by the controller or agent to manipulate state variables, similar to an actual control valve. Unlike the state variable, it does not have a predetermined equation of motion.^[1] The goal of optimal control theory is to find some sequence of controls (within an admissible set) to achieve an optimal path for the state variables (with respect to a loss function).

A control given as a function of time only is referred to as an open-loop control. In contrast, a control that gives optimal solution during some remainder period as a function of the state variable at the beginning of the period is called a closed-loop control.^[2]

References

^ Ferguson, Brian S.; Lim, G. C. (1998). Introduction to Dynamic Economic Problems. Manchester: Manchester University Press. p. 162. ISBN 0-7190-4996-2.
^ Léonard, Daniel; Long, Ngo Van (1992). Optimal Control Theory and Static Optimization in Economics. New York: Cambridge University Press. p. 181. ISBN 0-521-33158-7.

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[1] Ferguson, Brian S.; Lim, G. C. (1998). Introduction to Dynamic Economic Problems. Manchester: Manchester University Press. p. 162. ISBN 0-7190-4996-2.

[2] Léonard, Daniel; Long, Ngo Van (1992). Optimal Control Theory and Static Optimization in Economics. New York: Cambridge University Press. p. 181. ISBN 0-521-33158-7.

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See also

References