Aseev, S.M.
(2013).
*On some properties of the adjoint variable in the relations of the Pontryagin maximum principle for optimal economic growth problems.*
Proceedings of the Institute of Mathematics and Mechanics UrB RAS 19 (4) 15-24.

## Abstract

For a class of infinite horizon optimal control problems that appear in studies on economic growth processes, the properties of the adjoint variable in the relations of the Pontryagin maximum principle defined by a formula similar to the Cauchy formula for the solutions to linear differential systems are studied. It is shown that, under a dominating discount condition, the adjoint variable defined in this way satisfies both the core relations of the maximum principle (the adjoint system and the maximum condition) in the normal form and the additional stationarity condition for the Hamiltonian. In addition, a new economic interpretation of the adjoint variable based on this formula is considered.

Item Type: | Article |
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Uncontrolled Keywords: | Optimal economic growth problems; Infinite horizon; Pontryagin's maximum principle; Adjoint variable; Stationarity condition for the Hamiltonian |

Research Programs: | Advanced Systems Analysis (ASA) |

Bibliographic Reference: | Proceedings of the Institute of Mathematics and Mechanics of the Ural Branch of Russian Academy of Sciences; 19(4):15-24 |

Depositing User: | IIASA Import |

Date Deposited: | 15 Jan 2016 08:48 |

Last Modified: | 27 Aug 2021 17:23 |

URI: | https://pure.iiasa.ac.at/10301 |

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