| 来源类型 | Other
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| Another View of the Maximum Principle for Infinite-Horizon Optimal Control Problems in Economics. |
| Aseev S; Veliov V
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| 发表日期 | 2017
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| 出处 | Operations Research and Control Systems, Vienna University of Technology , Vienna, Austria.
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| 出版年 | 2017
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| 语种 | 英语
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| 摘要 | We present a recently developed complete version of the Pontryagin maximum principle for a class of infinite-horizon optimal control problems arising in economics. The peculiarity of the result is that the adjoint variable is explicitly specified by a formula which resembles the Cauchy formula for solutions of linear differential systems. In certain situations this formula implies the “standard” transversality conditions at infinity. Moreover, it can serve as their alternative. We provide examples demonstrating the ad- vantage of the suggested version of the maximum principle. In particular, we consider its applications to Halkin’s example, to Ramsey’s optimal growth model and to a basic model of optimal extraction of a non-renewable resource. An economic interpretation of the developed characterization of the adjoint variable is also presented. |
| 主题 | Advanced Systems Analysis (ASA)
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| 关键词 | optimal control, infinite horizon, Pontryagin maximum principle, shadow prices.
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| URL | http://pure.iiasa.ac.at/id/eprint/14613/
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| 来源智库 | International Institute for Applied Systems Analysis (Austria)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/135754
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推荐引用方式
GB/T 7714 |
Aseev S,Veliov V. Another View of the Maximum Principle for Infinite-Horizon Optimal Control Problems in Economics.. 2017.
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文件名：
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2017-05.pdf
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Adobe PDF
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