Rival Models: Min-Max Problems and Algorithms

Abstract

There exist rival models corresponding to rival theories of the economic system. Methods are discussed for using these models simultaneously in policy design. All models are assumed to be nonlinear. Rival models of the same system are utilised in worst-case design formulations. Wher there is a single model, subject to disturbances, a worst-case design approach is used to account for the effect of the disturbances. For disturbances in rival models, a robust control formulation is adopted in addition to the worst-case design problem for the rival models. Algorithms are discussed for solving the corresponding discrete and continuous min-max problems.