Maximum Principle for Infinite-horizon Optimal Control Problems under Weak Regularity Assumptions

Aseev SM & Veliov VM (2014). Maximum Principle for Infinite-horizon Optimal Control Problems under Weak Regularity Assumptions. Research Report 2014-06, Research Unit ORCOS, Institute of Mathematical Methods in Economics, Vienna University of Technology, Austria (June 2014)

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Abstract

The paper deals with first order necessary optimality conditions for a class of infinite-horizon optimal control problems that arise in economic applications. Neither convergence of the integral utility functional nor local boundedness of the optimal control is assumed. Using the classical needle variations technique we develop a normal form version of the Pontryagin maximum principle with an explicitly specified adjoint variable under weak regularity assumptions. The result generalizes some previous results in this direction. An illustrative economical example is presented.

Item Type: Other
Research Programs: Advanced Systems Analysis (ASA)
Bibliographic Reference: Research Report 2014-06, Research Unit ORCOS, Institute of Mathematical Methods in Economics, Vienna University of Technology, Austria (June 2014)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:51
Last Modified: 17 Feb 2016 12:36
URI: http://pure.iiasa.ac.at/11196

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