- Garg, Devendra P., CONTROL STRATEGY FOR SPATIAL TRADE MODELS INCORPORATING TRANSPORTATION COSTS.,
Wyoming University, Water Resources Research Institute, Water Resources Series
pp. 321 - 327 .
(last updated on 2007/04/10)
A spatial trade model consisting of several suppliers and markets for shipping and receiving a commodity is examined under an assumption of perfect competition. The proposed dynamic model incorporates the effects of transportation costs separating suppliers from markets. Maximization of a suitably defined social pay-off function leads to an optimal control of the dynamic system. The control law is arrived at using a computational algorithm. A numerical example illustrates the application of this algorithm.
CONTROL SYSTEMS - Theory;