Abstract
The interactions among individual economic agents require some regulations to hedge the risk of business activity. This paper examines the general equilibrium theory, backgrounds of system analysis and optimal control to show that these regulations present the mechanism of balanced management of economic processes at various economic level (enterprise, region, country). The study shows that sustainable development is self-regulatory and adaptive effort to remain on the market under the condition of reliable cooperation. Furthermore, by investigating the hierarchy of the business management systems, the conceptual and mathematical models of the mechanism for sustainable development are built and illustrated.
Highlights
The ongoing process of globalization demands searching for new, effective methods of business management
The aim of the paper is to determine the mechanism of sustainable business management of a group as a complex economic entity
This will allow us to indicate the determinants of sustainable business management, build a dynamic mathematical cooperation model in the form of optimal control problem
Summary
The ongoing process of globalization demands searching for new, effective methods of business management. In order for the undertaken cooperation to satisfy all the participants of the agreement and to provide the intended benefits over a longer period of time, its development must be balanced This means considering the interests of all parties involved. There exist various definitions of sustainable development [2, 3] Most often it is defined as “development that meets the prevailing needs of society, without diminishing opportunities for development of future generations” [4]. This definition is too broad and does not make it possible to implement strict methods of managing complex economic structure. The aim of the paper is to determine the mechanism of sustainable business management of a group as a complex economic entity
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