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• W2073702936 abstract "Abstract This paper studies the problem of an agent who wants to prevent the state from exceeding a critical threshold. Even though the agent is presumed to know the model, the optimal policy is computed by solving a conventional robust control problem. That is, robustness is induced here by objectives rather than uncertainty, and so is an example of the duality between risk-sensitivity and robustness. However, here the agent only incurs costs upon escape to a critical region, not during ‘normal times’. We argue that this is often a more realistic model of macroeconomic policymaking." @default.
• W2073702936 created "2016-06-24" @default.
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• W2073702936 date "2014-05-01" @default.
• W2073702936 modified "2023-09-26" @default.
• W2073702936 title "An escape time interpretation of robust control" @default.
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• W2073702936 doi "https://doi.org/10.1016/j.jedc.2014.02.014" @default.
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