Journal of Institute of Control, Robotics and Systems (제어로봇시스템학회논문지)

Institute of Control, Robotics and Systems (제어로봇시스템학회)
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Stability Analysis of Competitive Markets by Supervisory Control Theory

관리제어이론을 이용한 경쟁시장의 안정성 해석

  • 박성진 (아주대학교 전자공학부)
  • Received : 2010.07.21
  • Accepted : 2010.09.02
  • Published : 2010.11.01
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Abstract

This paper presents a new approach to analyze the stability of dynamic competitive markets within the framework of supervisory control of discrete event systems. A competitive market is representative of free market economy where it is well known that an invisible hand (also referred to as Walrasian auctioneer) always achieves an equilibrium of demand and supply. Upon the framework of supervisory control theory, this paper shows that Walrasian auctioneer is a stabilizing supervisor for a convergent competitive market, however a non-convergent competitive market (e.g. a free market under economic bubble and depression) controlled by Walrasian auctioneer may not be stable.

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References

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