Tools
Tools
Tarasyev, A.M. & Usova, A.A. (2012). Stabilizing the Hamiltonian system for constructing optimal trajectories. Proceedings of the Steklov Institute of Mathematics 277 (1) 248-265. 10.1134/S0081543812040189.
Full text not available from this repository.Abstract
An infinite-horizon optimal control problem based on an economic growth model is studied. The goal in the problem is to optimize the mechanisms of investment in basic production assets in order to increase the growth rate of the consumption level. The main output variable-the gross domestic product (GDP)-depends on three production factors: capital stock, human capital, and useful work. The first two factors are endogenous variables of the model, and the useful work is an exogenous factor. The dependence of the GDP on the production factors is described by the Cobb-Douglas power-type production function. The economic system under consideration is assumed to be closed, so the GDP is distributed between consumption and investment in the capital stock and human capital. The optimal control problem consists in determining optimal investment strategies that maximize the integral discounted relative consumption index on an infinite time interval. A solution to the problem is constructed on the basis of the Pontryagin maximum principle adapted to infinite-horizon problems. We examine the questions of existence and uniqueness of a solution, verify necessary and sufficient optimality conditions, and perform a qualitative analysis of Hamiltonian systems on the basis of which we propose an algorithm for constructing optimal trajectories. This algorithm uses information on solutions obtained by means of a nonlinear regulator. Finally, we estimate the accuracy of the algorithm with respect to the integral cost functional of the control process.
| Item Type: | Article |
|---|---|
| Research Programs: | Advanced Systems Analysis (ASA) |
| Bibliographic Reference: | Proceedings of the Steklov Institute of Mathematics; 277(1):248-265 (July 2012) |
| Depositing User: | IIASA Import |
| Date Deposited: | 15 Jan 2016 08:46 |
| Last Modified: | 27 Aug 2021 17:39 |
| URI: | https://pure.iiasa.ac.at/9843 |
Actions (login required)
 |
View Item |