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- Title
SPECTRAL UTILITY FUNCTIONS AND THE DESIGN OF A STATIONARY SYSTEM.
- Authors
Bowden, Roger J.
- Abstract
The article focuses on the design of a stationary system and spectral utility functions. Approaches to the design of "steady-state" stochastic systems operate by minimizing the variance of the model, either directly or indirectly. The procedure is a natural extension of the stability analysis of a linear deterministic system. The degree of stability of the system is inversely related to the absolute value of the largest characteristic root. The same relationship is true for the multivariate generalization of the characteristic root.
- Subjects
ECONOMETRICS; STOCHASTIC systems; STOCHASTIC processes; ECONOMICS; SYSTEM analysis; MULTIVARIATE analysis; UTILITY functions; STAGNATION (Economics); MATHEMATICAL optimization
- Publication
Econometrica, 1977, Vol 45, Issue 4, p1007
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/1912688