Abstract
The usefulness of econometric forecasting can be increased by taking these models as part of econometric decision models (= optimization models). The two most important approaches to econometric decision models are control theory and interactive vector optimization.
Gratefully acknowledged are many helpful discussions with Elke Petersen and Michael Olbrisch who are now working on the research projects briefly described in Sections 3 and 4 of this paper.
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Gruber, J. (1987). Interactive Vector Optimization as a Complement to Optimal Control in Econometric Models. In: Carraro, C., Sartore, D. (eds) Developments of Control Theory for Economic Analysis. Advanced Studies in Theoretical and Applied Econometrics, vol 7. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-3495-5_5
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