Abstract
In classical control theory, the operation of a system is controlled by a single supervisor with complete information on the system’s state. By contrast, control responsibility in economic systems is frequently spread among a number of institutions, each operating with limited information on the state of the system and the behavior of other institutions. In this environment, each controlling agency must form a decentralized behavioral strategy based on the partial information it receives.
Technical Report No. 6. Project for the Estimation and Optimization of Economic Growth.
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McFadden, D. (1969). On the Controllability of Decentralized Macroeconomic Systems: The Assignment Problem. In: Kuhn, H.W., Szegö, G.P. (eds) Mathematical Systems Theory and Economics I / II. Lecture Notes in Operations Research and Mathematical Economics, vol 11/12. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46196-5_11
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DOI: https://doi.org/10.1007/978-3-642-46196-5_11
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