Microeconomic distributed control: Theory and application of multi-agent electronic markets

Hans Akkermans, Jos Schreinemakers, Koen Kok

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

Abstract

We discuss the theoretical foundations of distributed large-scale control. Our approach is to integrate multiagent microeconomic market theory with control theory, such that online adaptive control is economically optimal at the overall systems level. A central result is the derivation of a general market theorem that proves two important properties about this agent-based microeconomic control:(1) computational economies with dynamic pricing mechanisms are able to handle scarce resources for control adaptively in ways that are optimal locally as well as globally (‘societally’);(2) in the absence of resource constraints the total system acts as collection of local independent controllers that behave in accordance with conventional control engineering theory. We further derive some analytical results for the market-based control outcome, the clearing price, and hierarchical versus decentralized emergent control.
Original languageEnglish
Title of host publicationProceedings of CRIS 2004-2nd International Conference on Critical Infrastructures
Publication statusPublished - 2004
Externally publishedYes
EventSecuring Critical Infrastructures CRIS - Grenoble, France
Duration: 25 Oct 200427 Oct 2004

Conference

ConferenceSecuring Critical Infrastructures CRIS
CountryFrance
CityGrenoble
Period25/10/0427/10/04

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