Delayed feedback control via minimum entropy strategy in an economic model

Hassan Salarieh and Aria Alasty

Physica A: Statistical Mechanics and its Applications, 2008, vol. 387, issue 4, 851-860

Abstract: In this paper minimum entropy (ME) algorithm for controlling chaos, is applied to the Behrens–Feichtinger model, as a discrete-time dynamic system which models a drug market. The ME control is implemented through delayed feedback. It is assumed that the dynamic equations of the system are not known, so the proper feedback gain cannot be obtained analytically from the system equations. In the ME approach the feedback gain is obtained and adapted in such a way that the entropy of the system converges to zero, hence a fixed point of the system will be stabilized. Application of the proposed method with different economic control strategies is numerically investigated. Simulation results show the effectiveness of the ME method to control chaos in economic systems with unknown dynamic equations.

Keywords: Chaos control; Entropy minimization; Economic model (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:387:y:2008:i:4:p:851-860

DOI: 10.1016/j.physa.2007.09.049

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