14613 10 77686 3 214547 document 77686 2017-05.pdf application/pdf 87ce5347d44f9da1cd205b0bd36c4473 MD5 482210 2017-05-19 09:50:45 https://pure.iiasa.ac.at/id/eprint/14613/1/2017-05.pdf 14613 1 1 application/pdf text en public arr

2017-05.pdf

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/77686 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/77686 http://eprints.org/relation/issmallThumbnailVersionOf https://pure.iiasa.ac.at/id/document/77686 77691 1 214560 document 77691 indexcodes.txt text/x-c++ 4d0640d61ac02068460c0bea9738f2f1 MD5 11703 2017-05-19 10:01:07 https://pure.iiasa.ac.at/id/eprint/14613/6/indexcodes.txt 14613 6 6 text/x-c++ other Generate index codes conversion from text to indexcodes en public

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/77686 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/77686 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/77686 archive 353 disk0/00/01/46/13 2017-05-19 09:54:18 2021-08-27 17:29:00 2017-05-19 09:54:18 other show 2 Aseev S. 6509 Veliov V. pub prog_asa optimal control, infinite horizon, Pontryagin maximum principle, shadow prices. We present a recently developed complete version of the Pontryagin maximum principle for a class of infinite-horizon optimal control problems arising in economics. The peculiarity of the result is that the adjoint variable is explicitly specified by a formula which resembles the Cauchy formula for solutions of linear differential systems. In certain situations this formula implies the “standard” transversality conditions at infinity. Moreover, it can serve as their alternative. We provide examples demonstrating the ad- vantage of the suggested version of the maximum principle. In particular, we consider its applications to Halkin’s example, to Ramsey’s optimal growth model and to a basic model of optimal extraction of a non-renewable resource. An economic interpretation of the developed characterization of the adjoint variable is also presented. 2017-05 published Operations Research and Control Systems, Vienna University of Technology http://orcos.tuwien.ac.at/fileadmin/t/orcos/Research_Reports/2017-05.pdf 19 public Vienna, Austria FALSE no info:eu-repo/semantics/other