Application of optimal control and stabilization to an infinite time horizon problem under constraints

Krasovskii A, Lebedev PD, & Tarasyev AM (2017). Application of optimal control and stabilization to an infinite time horizon problem under constraints. IFAC-PapersOnLine 50 (1): 4057-4062. DOI:10.1016/j.ifacol.2017.08.788.

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Abstract

In modeling the dynamics of capital, the Ramsey equation coupled with the Cobb-Douglas production function is reduced to a linear differential equation by means of the Bernoulli substitution. This equation is used in the optimal growth problem with logarithmic preferences. We consider a vector field of the Hamiltonian system in the Pontryagin maximum principle, taking into account control constraints. We prove the existence of two alternative steady states, depending on the constraints. A proposed algorithm for constructing growth trajectories combines methods of open-loop control and closed-loop stabilizing control. Results are supported by modeling examples.

Item Type: Article
Uncontrolled Keywords: Optimal control; Control applications; Economic systems; Steady states
Research Programs: Ecosystems Services and Management (ESM)
Depositing User: Luke Kirwan
Date Deposited: 20 Oct 2017 06:15
Last Modified: 20 Oct 2017 06:17
URI: http://pure.iiasa.ac.at/14897

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