# Linear-quadratic optimal control for non-exchangeable mean-field SDEs and applications to systemic risk

arXiv: https://arxiv.org/abs/2503.03318 · HTML: https://mlsanity.com/paper/2503.03318/

## Key facts

- Cited by 1 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 5 Mar 2025.

## Built on by (most cited first, 1 of 1)

- [Learning operators on labelled conditional distributions with applications to mean field control of non exchangeable systems](https://mlsanity.com/paper/2603.21683/) (2026)

## Abstract (arXiv)

We study the linear-quadratic control problem for a class of non-exchangeable mean-field systems, which model large populations of heterogeneous interacting agents. We explicitly characterize the optimal control in terms of a new infinite-dimensional system of Riccati equations, for which we establish existence and uniqueness. To illustrate our results, we apply this framework to a systemic risk model involving heterogeneous banks, demonstrating the impact of agent heterogeneity on optimal risk mitigation strategies.