The development of a non-certainty-equivalent adaptive control system for the control of a nonlinear aeroelastic system is the subject of this paper. The prototypical aeroelastic wing section considered here includes structural nonlinearity and a single control surface for the purpose of control. Its dynamical model has two-degree-of-freedom and describes the plunge and pitch motion. It is assu...

In a recent paper, Newell and Pizer (2003) (N&P) build upon Weitzman (1998, 2001) and show how uncertainty about future interest rates leads to ‘certainty equivalent’ forward rates (CER) that decline with the time horizon. Such Declining Discount Rates (DDR’s) have important implications for the economic appraisal of the long-term policy arena (e.g. climate change) and inter-generational equity...

Transient stability problem for multi-machine infinite bus system with the generator excitation was addressed via the non-certainty equivalent nonlinear re-parameterization method. The system need not to be linearized. The damping coefficient uncertainty was considered. A non-certainty equivalent excitation controller and a novel parameter updating law were obtained simultaneously via adaptive ...

The prices and allocations in two sets of asset markets experiments are studied. One set is the certainty equivalent of the other. In both sets, markets evidently price risk correctly (expected excess returns are proportional to covariance with aggregate risk) even when allocations are wrong (individual allocations do not reflect the portfolio separation predicted by theory). We explain this pr...

We introduce a novel simulated certainty equivalent approximation (SCEQ) method for solving dynamic stochastic problems. Our examples show that SCEQ can quickly solve high?dimensional finite? or infinite?horizon, stationary nonstationary problems with hundreds of state variables, wide space, and occasionally binding constraints. With the method, desktop computer will suffice large problems, but...