Controllability of a Nonholonomic Macroeconomic System

C. Udrişte (), Massimiliano Ferrara (), D. Zugrăvescu () and F. Munteanu ()
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C. Udrişte: University Politehnica of Bucharest
D. Zugrăvescu: Institute of Geodynamics “Sabba S. Ştefanescu”
F. Munteanu: Institute of Geodynamics “Sabba S. Ştefanescu”

Journal of Optimization Theory and Applications, 2012, vol. 154, issue 3, No 17, 1036-1054

Abstract: Abstract This paper studies optimal control problems and sub-Riemannian geometry on a nonholonomic macroeconomic system. The main results show that a nonholonomic macroeconomic system is controllable either by trajectories of a single-time driftless control system (single-time bang–bang controls), or by nonholonomic geodesics or by sheets of a two-time driftless control system (two-time bang–bang controls). They are strongly connected to the possibility of describing a nonholonomic macroeconomic system via a Gibbs–Pfaff equation or by four associated vector fields, based on a contact structure of the state space and our isomorphism between thermodynamics and macroeconomics that praises three laws of a nonholonomic macroeconomic system.

Keywords: Nonholonomic economic system; Extremals with nonholonomic constraints; Controllability; Sub-Riemannian geometry; Simulations of economic paths (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (4)

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DOI: 10.1007/s10957-012-0021-x

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