NDLI: Power-based supervisory control theory of hybrid systems and its application to the analysis of financial crisis

Content Provider	IET Digital Library
Author	Park, Seong Jin Cho, Kwang Hyun
Abstract	The authors study how n local supervisors with individual control objectives can achieve a common goal by modular control based on power in a hybrid system framework. Each local supervisor is an observer designed with its own objective for an approximated finite state machine of a hybrid plant based on the l-complete approximation scheme of Moor et al. in 2002. We present the notion of power observability of the common control objective and show that, if the common specification is controllable and power observable with respect to an approximated model, then n local supervisors can achieve the control objective of the hybrid plant. Then, we apply the proposed power-based modular control theory to the analysis of the financial crisis occurred in 2008. The power observability explains how the deregulation policies leading to the crisis could be pursued. While the small elite group of politicians and bankers could set the policies with inordinate power based on full information, most public people were ignorant and unconcerned about the policies, and hence did not oppose them.
Starting Page	780
Ending Page	788
Page Count	9
ISSN	17518644
Volume Number	10
e-ISSN	17518652
Issue Number	Issue 7, Apr (2016)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-cta/10/7
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-cta.2015.1047
Journal	IET Control Theory & Applications
Publisher Date	2016-04-25
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Approximated Finite State Machine Continuous System Discrete System Economic Cycles Financial Crisis Analysis Financial Management Hybrid Plant Hybrid System Framework L-complete Approximation Scheme Modelling And Identification Observability Observer Observers Power Observability Power-based Supervisory Control Theory Simulation System Theory Application in Economics And Business
Content Type	Text
Resource Type	Article
Subject	Control and Optimization Control and Systems Engineering Human-Computer Interaction Electrical and Electronic Engineering Computer Science Applications

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