Market-based Control: A Paradigm For Distributed Resource Allocation

Download or read book Market-based Control: A Paradigm For Distributed Resource Allocation written by Scott H Clearwater and published by World Scientific. This book was released on 1996-01-11 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market-Based Control is a paradigm for controlling complex systems that would otherwise be very difficult to control, maintain, or expand. The purpose of this volume is to illustrate the utility of market-based control through a series of papers focusing on different applications. This volume, for the first time, brings together the research from a wide range of fields all using a market-based conceptual framework. The features of markets that have provided motivation for these works include decentralization, interacting agents, and some notion of a resource that needs to be allocated. The papers span a range including theoretical considerations, simulations, and implementations.