8,566 research outputs found
H2 Optimal Coordination of Homogeneous Agents Subject to Limited Information Exchange
Controllers with a diagonal-plus-low-rank structure constitute a scalable
class of controllers for multi-agent systems. Previous research has shown that
diagonal-plus-low-rank control laws appear as the optimal solution to a class
of multi-agent H2 coordination problems, which arise in the control of wind
farms. In this paper we show that this result extends to the case where the
information exchange between agents is subject to limitations. We also show
that the computational effort required to obtain the optimal controller is
independent of the number of agents and provide analytical expressions that
quantify the usefulness of information exchange
The Division of Labor, Coordination Costs and the Growth of Government
The paper develops a dynamic, general equilibrium model of specialization-driven growth in which the private cost of coordinating among specialists is a function of public expenditure on physical and institutional infrastructure. Growth is characterized by endogenous increases in labor specialization, the capital-labor ratio, coordination costs, market size, and the interdependence of economic agents. In addition, model provides an explanation for a frequently ignored stylized fact of economic growth, the secular rise of government's share of output, in terms of the economic role of the government.development; endogenous growth; labor specialization; dynamic model; institutions; division of labor; growth; transactions costs; coordination; coordination costs; contract enforcement; organization; neoinstitutionalism; traditional economy; interpersonal exchange; government; transaction sector; public investment; public capital
MAKE-OR-BUY THEORIES: WHERE DO WE STAND?
The aim of this paper is to discuss the state-of-the art and the directions for research on the make-orbuy problem. After thirty years of research efforts, we now have numerous contributions explaining different aspects of the nature and existence of the firm. The search for a unified theory, however, still remains, at a theoretical level, a challenge. The task is not easy, perhaps because the theory of the firm develops along two different strands, one analyzing the factors influencing the boundaries, and the other one relating to the internal structure; or because, even inside the same research strand, it is not really easy to grasp the similarities and differences between contributions that have followed one another in rapid succession over the last few years. This paper examines the theories concerning the make-or-buy problem, focusing on recent contributions that have tried to develop a unified framework and emphasizes the role of incomplete contracts as a common and significant trait of the theories discussed
Consensus-based control for a network of diffusion PDEs with boundary local interaction
In this paper the problem of driving the state of a network of identical
agents, modeled by boundary-controlled heat equations, towards a common
steady-state profile is addressed. Decentralized consensus protocols are
proposed to address two distinct problems. The first problem is that of
steering the states of all agents towards the same constant steady-state
profile which corresponds to the spatial average of the agents initial
condition. A linear local interaction rule addressing this requirement is
given. The second problem deals with the case where the controlled boundaries
of the agents dynamics are corrupted by additive persistent disturbances. To
achieve synchronization between agents, while completely rejecting the effect
of the boundary disturbances, a nonlinear sliding-mode based consensus protocol
is proposed. Performance of the proposed local interaction rules are analyzed
by applying a Lyapunov-based approach. Simulation results are presented to
support the effectiveness of the proposed algorithms
Formation Shape Control Based on Distance Measurements Using Lie Bracket Approximations
We study the problem of distance-based formation control in autonomous
multi-agent systems in which only distance measurements are available. This
means that the target formations as well as the sensed variables are both
determined by distances. We propose a fully distributed distance-only control
law, which requires neither a time synchronization of the agents nor storage of
measured data. The approach is applicable to point agents in the Euclidean
space of arbitrary dimension. Under the assumption of infinitesimal rigidity of
the target formations, we show that the proposed control law induces local
uniform asymptotic stability. Our approach involves sinusoidal perturbations in
order to extract information about the negative gradient direction of each
agent's local potential function. An averaging analysis reveals that the
gradient information originates from an approximation of Lie brackets of
certain vector fields. The method is based on a recently introduced approach to
the problem of extremum seeking control. We discuss the relation in the paper
Genetic learning as an explanation of stylized facts of foreign exchange markets
This paper revisits the Kareken-Wallace model of exchange rate formation in a two-country overlapping generations world. Following the seminal paper by Arifovic (Journal of Political Economy, 104, 1996, 510-541) we investigate a dynamic version of the model in which agents' decision rules are updated using genetic algorithms. Our main interest is in whether the equilibrium dynamics resulting from this learning process helps to explain the main stylized facts of free-floating exchange rates (unit roots in levels together with fat tails in returns and volatility clustering). Our time series analysis of simulated data indicates that for particular parameterizations, the characteristics of the exchange rate dynamics are, in fact, very similar to those of empirical data. The similarity appears to be quite insensitive with respect to some of the ingredients of the GA algorithm (i.e. utilitybased versus rank-based or tournament selection, binary or real coding). However, appearance or not of realistic time series characteristics depends crucially on the mutation probability (which should be low) and the number of agents (not more than about 1000). With a larger population, this collective learning dynamics looses its realistic appearance and instead exhibits regular periodic oscillations of the agents' choice variables. -- Dieses Papier betrachtet das Kareken-Wallace-Modell fĂŒr die Wechselkursbildung in einer Welt mit 2 LĂ€ndern und sich ĂŒberlappenden Generationen. In der Nachfolge des zukunftsweisenden Papiers von Arifovic (1996) untersuchen wir eine dynamische Version des Modells bei dem die Entscheidungsregeln mithilfe genetischer Algorithmen jeweils aktualisiert werden. Unser Hauptinteresse geht dahin, herauszufinden, ob die Gleichgewichtsdynamik, die aus diesem Lernprozess resultiert, dabei helfen kann, die wichtigsten stilisierten Fakten von flexiblen Wechselkursen zu erklĂ€ren (Einheitswurzeln bei den Niveaus mit dicken Enden der Ertragsverteilung und Klumpenbildung bei den VolatilitĂ€ten). Unsere Analyse simulierter Daten weist darauf hin, dass fĂŒr bestimmte Parametrisierungen der Charakter der Wechselkursdynamik tatsĂ€chlich dem von empirischen Daten sehr Ă€hnlich ist. Die Ăhnlichkeit scheint sehr wenig von speziellen Eigenschaften des gewĂ€hlten GA-Algorithmus abzuhĂ€ngen (z. B. nutzenbasiert versus rangbasiert, binĂ€re oder reale Kodierung). Dagegen ist die Mutationswahrscheinlichkeit (die niedrig sein sollte) und die Anzahl der Agenten (die nicht gröĂer als 1000 sein sollte) wichtig. Mit mehr Teilnehmern verliert die kollektive Lerndynamik ihr realistisches Aussehen und es kommt zu regelmĂ€Ăigen periodischen Schwankungen bei den Variablen, die die Agenten auswĂ€hlen.Learning,Genetic algorithms,Exchange rate dynamics
Genetic learning as an explanation of stylized facts of foreign exchange markets
This paper revisits the Kareken-Wallace model of exchange rate formation in a two-country overlapping generations world. Following the seminal paper by Arifovic (Journal of Political Economy, 104, 1996, 510 â 541) we investigate a dynamic version of the model in which agents? decision rules are updated using genetic algorithms. Our main interest is in whether the equilibrium dynamics resulting from this learning process helps to explain the main stylized facts of free-floating exchange rates (unit roots in levels together with fat tails in returns and volatility clustering). Our time series analysis of simulated data indicates that for particular parameterizations, the characteristics of the exchange rate dynamics are, in fact, very similar to those of empirical data. The similarity appears to be quite insensitive with respect to some of the ingredients of the GA algorithm (i.e. utility-based versus rank-based or tournament selection, binary or real coding). However, appearance or not of realistic time series characteristics depends crucially on the mutation probability (which should be low) and the number of agents (not more than about 1000). With a larger population, this collective learning dynamics looses its realistic appearance and instead exhibits regular periodic oscillations of the agents? choice variables. --learning , genetic algorithms , exchange rate dynamics
Consensus-based approach to peer-to-peer electricity markets with product differentiation
With the sustained deployment of distributed generation capacities and the
more proactive role of consumers, power systems and their operation are
drifting away from a conventional top-down hierarchical structure. Electricity
market structures, however, have not yet embraced that evolution. Respecting
the high-dimensional, distributed and dynamic nature of modern power systems
would translate to designing peer-to-peer markets or, at least, to using such
an underlying decentralized structure to enable a bottom-up approach to future
electricity markets. A peer-to-peer market structure based on a Multi-Bilateral
Economic Dispatch (MBED) formulation is introduced, allowing for
multi-bilateral trading with product differentiation, for instance based on
consumer preferences. A Relaxed Consensus+Innovation (RCI) approach is
described to solve the MBED in fully decentralized manner. A set of realistic
case studies and their analysis allow us showing that such peer-to-peer market
structures can effectively yield market outcomes that are different from
centralized market structures and optimal in terms of respecting consumers
preferences while maximizing social welfare. Additionally, the RCI solving
approach allows for a fully decentralized market clearing which converges with
a negligible optimality gap, with a limited amount of information being shared.Comment: Accepted for publication in IEEE Transactions on Power System
Optimal dynamic profit taxation: The derivation of feedback Stackelberg equilibria
Game Theory;Corporate Tax;operations research
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