Abstract
We define and study the concept of heavy viable trajectories of a controlled system with feedbacks. Viable trajectories are trajectories satisfying at each instant given constraints on the state. The controls regulating viable trajectories evolve according a set-valued feedback map. Heavy viable trajectories are the ones which are associated to the controls in the feedback map whose velocity has at each instant the minimal norm. We construct the differential equation governing the evolution of the controls associated to heavy viable trajectories and we prove their existence. These results are applied to exchange economies for finding heavy trajectories of a dynamical decentralized allocation mechanism explaining the evolution of prices.
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© 1985 International Institute for Applied Systems Analysis, Laxenburg/Austria
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Aubin, JP., Frankowska, H. (1985). Heavy Viable Trajectories of Controlled Systems. In: Aubin, JP., Saari, D., Sigmund, K. (eds) Dynamics of Macrosystems. Lecture Notes in Economics and Mathematical Systems, vol 257. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-00545-3_13
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DOI: https://doi.org/10.1007/978-3-662-00545-3_13
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