First Order Necessary Optimality Conditions for a Class of Infinite Horizon Optimal Control Problems

Aseev SM, Kryazhimskiy AV, & Tarasyev AM (2001). First Order Necessary Optimality Conditions for a Class of Infinite Horizon Optimal Control Problems. IIASA Interim Report. IIASA, Laxenburg, Austria: IR-01-007

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Abstract

In this paper we investigate a class of nonlinear infinite horizon optimal control problems arising in mathematical economics in consideration of economic growth problems and problems of innovations dynamics. First order necessary optimality conditions in a form of the Pontryagin maximum principle are developed together with some extra conditions on the adjoint function and the behavior of the Hamiltonian at the infinity. These conditions allow us to guarantee in some cases the validity of the standard transversality conditions at the infinity.

Item Type: Monograph (IIASA Interim Report)
Research Programs: Dynamic Systems (DYN)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 02:13
Last Modified: 23 Oct 2016 09:05
URI: http://pure.iiasa.ac.at/6513

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