Colloquium Max Mendel

13 December 2018 14:00 till 14:45 - Location: instruction room K, 3mE - By: DCSC

"Economic Engineering: What is it and what are the research opportunities?"

Economic engineering is an exciting new area of study at the DCSC.  Economic systems are modelled following the engineering method:  First, a dynamical model of the system is drawn up by identifying the economic elements that behave analogous to masses, springs and dampers (or inductors, capacitors and resistors if you are an electrical engineer).  Then, control theory can be used to influence and analyse the behavior. With this, engineers can leverage their engineering know-how to integrate economic aspects into their systems and design controllers that explicitly optimize towards specific economic objectives.

This presentation will introduce the area to potential master’s students, highlight some current thesis research and real-world applications, and suggest areas for future opportunities.