Related papers: Structured Production Systems: Viability
This paper characterizes equilibrium properties of a broad class of economic models that allow multiple heterogeneous agents to interact in heterogeneous manners across several markets. Our key contribution is a new theorem providing…
We prove the existence of a competitive equilibrium in a production economy with infinitely many commodities and a measure space of agents whose preferences are price dependent. We employ a saturated measure space for the set of agents and…
This paper introduces robust differential dynamic logic (a fragment of differential dynamic logic) to specify and reason about robust hybrid systems. Practically meaningful syntactic restrictions naturally ensure that definable properties…
We present a systematic method for designing distributed generation and demand control schemes for secondary frequency regulation in power networks such that stability and an economically optimal power allocation can be guaranteed. A…
The consensus that complexity begets stability in ecosystems was challenged in the seventies, a result recently extended to ecologically-inspired networks. The approaches assume the existence of a feasible equilibrium, i.e. with positive…
We introduce the concept of structured synthesis for Markov decision processes where the structure is induced from finitely many pre-specified options for a system configuration. The resulting synthesis problem is in general a nonlinear…
The traditional cycle of industrial products has been linear since its inception. Raw resources are acquired, processed, distributed, used and ultimately disposed of. This linearity has led to a dangerously low efficiency degree in resource…
In this study, we develop a theoretical model of strategic equilibrium bidding and price-setting behaviour by heterogeneous and boundedly rational electricity producers and a grid operator in a single electricity market under uncertain…
It is ``folklore'' that the solution to a set reachability problem for a dynamical system is only noncomputable because of non-robustness reasons. A robustness condition that can be imposed on a dynamical system is the requirement of the…
The article develops a general equilibrium model where power relations are central in the determination of unemployment, profitability, and income distribution. The paper contributes to the market forces versus institutions debate by…
Proceeding from the concept of rational expectations, a new dynamic model of supply and demand in a single market with one supplier, one buyer, and one kind of commodity is developed. Unlike the cob-web dynamic theories with adaptive…
We study robust mechanisms to sell a common-value good. We assume that the mechanism designer knows the prior distribution of the buyers' common value but is unsure of the buyers' information structure about the common value. We use linear…
In power systems, one wishes to regulate the aggregate demand of an ensemble of distributed energy resources (DERs), such as controllable loads and battery energy storage systems. We suggest a notion of predictability and fairness, which…
Constraint tightening to non-conservatively guarantee recursive feasibility and stability in Stochastic Model Predictive Control is addressed. Stability and feasibility requirements are considered separately, highlighting the difference…
Designing sustainable systems involves complex interactions between environmental resources, social impact/adoption, and financial costs/benefits. In a constrained world, achieving a balanced design across those dimensions has become…
It is still common wisdom amongst economists, politicians and lay people that economic growth is a necessity of our social systems, at least to avoid distributional conflicts. This paper challenges such belief moving from a purely physical…
In today's economy, selling a new zero-marginal cost product is a real challenge, as it is difficult to determine a product's "correct" sales price based on its profit and dissemination. As an example, think of the price of a new app or…
It is generally recognized that a distinguishing feature of life is its peculiar capability to avoid equilibration. The origin of this capability and its evolution along the timeline of abiogenesis is not yet understood. We propose to study…
How large ecosystems can create and maintain the remarkable biodiversity we see in nature is probably one of the biggest open questions in science, attracting attention from different fields, from Theoretical Ecology to Mathematics and…
How should a buyer design procurement mechanisms when suppliers' costs are unknown, and the buyer does not have a prior belief? We demonstrate that simple mechanisms - that share a constant fraction of the buyer utility with the seller -…