robust control

Noah Williams
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
Back to top

Abstract

Robust control is an approach for confronting model uncertainty in decision making, aiming at finding decision rules which perform well across a range of alternative models. This typically leads to a minimax approach, where the robust decision rule minimizes the worst-case outcome from the possible set. This article discusses the rationale for robust decisions, the background literature in control theory, and different approaches which have been used in economics, including the most prominent approach due to Hansen and Sargent.
Back to top

Keywords

Back to top

Article

Back to top

How to cite this article

Williams, Noah. "robust control." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 24 July 2017 <http://www.dictionaryofeconomics.com/article?id=pde2008_R000250> doi:10.1057/9780230226203.1451

Download Citation:

as RIS | as text | as CSV | as BibTex