We show how ideas and tools from the field of mechanism design in economics can be brought to bear on the problem of price-based control of dynamical systems. Specifically, we take inspiration from the Vickrey-Clarkes-Groves mechanism to design strategy-proof dynamic price-functions, which can induce subsystems to apply socially efficient control inputs even though they are self-interested and possibly strategically misreport their cost and dynamics’ models to the control designer.
|Original language||English (US)|
|Title of host publication||Distributed Decision Making and Control|
|Number of pages||17|
|State||Published - Jan 1 2012|
|Name||Lecture Notes in Control and Information Sciences|
ASJC Scopus subject areas
- Library and Information Sciences