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

Krasovskii, A. ORCID: https://orcid.org/0000-0003-0940-9366, Lebedev, P.D., & Tarasyev, A.M. (2017). Application of optimal control and stabilization to an infinite time horizon problem under constraints. IFAC-PapersOnLine 50 (1) 4057-4062. 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:	27 Aug 2021 17:29
URI:	https://pure.iiasa.ac.at/14897

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