DocumentCode
2999785
Title
Free choice and uncertainty in policy optimization with an econometric model
Author
Woodside, C.M.
Author_Institution
Carleton University, Ottawa, Canada
fYear
1972
fDate
13-15 Dec. 1972
Firstpage
151
Lastpage
152
Abstract
The use of dynamic optimization should be to guide, not to command the economic policymaker. This paper develops previous work on the Bank of Canada´s national econometric model RDX2, to define an indifference set for the optimal policy based on a confidence set for selected model disturbances and a sensitivity analysis of the calculated optimum. Within the indifference set a policy may be chosen on other grounds, and still represent whatever wisdom is embodied in the model and the optimization.
Keywords
Cost function; Econometrics; Helium; Least squares methods; Mathematical model; Newton method; Optimal control; Predictive models; Recursive estimation; Uncertainty;
fLanguage
English
Publisher
ieee
Conference_Titel
Decision and Control, 1972 and 11th Symposium on Adaptive Processes. Proceedings of the 1972 IEEE Conference on
Conference_Location
New Orleans, Louisiana, USA
Type
conf
DOI
10.1109/CDC.1972.268968
Filename
4044891
Link To Document