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AN ADAPTIVE CONTROL APPROACH TO AGRICULTURAL POLICY *
Author(s) -
Freebairn John W.,
Rausser Gordon C.
Publication year - 1974
Publication title -
australian journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 0004-9395
DOI - 10.1111/j.1467-8489.1974.tb00139.x
Subject(s) - control (management) , imperfect , agricultural policy , agriculture , computer science , process (computing) , adaptive control , optimal control , mathematical optimization , management science , economics , public economics , mathematics , artificial intelligence , geography , philosophy , linguistics , archaeology , operating system
It is postulated that some issues of economic policy in general, and of Australian agricultural policy in particular, may be analysed in the framework of an adaptive control model. Policy making is characterized as a rational, sequential decision‐making process under conditions of imperfect knowledge in which forthcoming information may be used to learn about the uncertain terms as decision periods pass. Emphasis is given to the linear‐quadratic control problem. The paper provides a review of the formulation of a policy problem in the framework of an adaptive control model and of derived policy strategies. An illustrative example is reported.