This paper considers the optimal control of two small stochastic models of the Slovenian economy applying the OPTCON algorithm. OPTCON determines approximate numerical solutions to optimum control problems fornonlinear stochastic systemsandisparticularly applicable to econometricmodels.We compare the results of applying the OPTCON2 version of the algorithm to the nonlinear model SLOVNL and the linear modelSLOVL.The results forbothmodels are similar, with open-loopfeedback controls giving better results on average but with more ‘outliers’ than open-loop controls.
CITATION STYLE
Blueschke, D., Blueschke-Nikolaeva, V., & Neck, R. (2014). Stochastic control of econometric models for Slovenia. IFIP Advances in Information and Communication Technology, 443, 21–30. https://doi.org/10.1007/978-3-662-45504-3_3
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