Numerical Solution of Infinite-Horizon Optimal-Control Problems

The paper presents an algorithm that solves two-point boundary-value problems that arise in economic control models in continuous time with an infinite time horizon and several state variables. The algorithm can determine optimal trajectories that converge to an isolated equilibrium point. It therefore provides a numerical solution to a large class of problems for which no solvers were yet available.

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Year of publication:	2000
Authors:	Kunkel, Peter ; Hagen, Oskar von dem
Published in:	Computational Economics. - Society for Computational Economics - SCE, ISSN 0927-7099. - Vol. 16.2000, 3, p. 189-205
Publisher:	Society for Computational Economics - SCE
Subject:	two-point boundary-value problem \| infinite time horizon \| dynamical optimization \| numerical solution

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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