Necessary Conditions for Optimal Control Problems with Infinite Horizons

In a classical optimal control problem the terminal time, either prescribed a priori or not, is always a real number. In many dynamic optimization problems in economics one is lead to consider optimal control problems in which the terminal time is the extended real number + infinity. These are the s...

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Bibliographic Details
Main Author: Halkin,Hubert
Format: Report
Language:English
Subjects:
ADAPTIVE CONTROL SYSTEMS
AUTOMATIC
CONTROL
CONTROL THEORY
DIFFERENTIAL EQUATIONS
ECONOMICS
FUNCTIONAL ANALYSIS
MATHEMATICAL MODELS
MAXIMUM PRINCIPLE
OPTIMIZATION
THEOREMS
Theoretical Mathematics
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Summary:In a classical optimal control problem the terminal time, either prescribed a priori or not, is always a real number. In many dynamic optimization problems in economics one is lead to consider optimal control problems in which the terminal time is the extended real number + infinity. These are the so called optimal control problems with infinite horizon. In the paper the author gives a precise formulation for a standard problem of that type and establishes a necessary condition for that problem. (Author)