Optimal Control in Infinite Horizon Problems : A Sobolev Space Approach

In this paper, we make use of the Sobolev space W 1,1 (R +, R n) to derive at once the Pontryagin conditions for the standard optimal growth model in continuous time, including a necessary and sufficient transversality condition. An application to the Ramsey model is given. We use an order ideal argument to solve the problem inherent to the fact that L 1 spaces have natural positive cones with no interior points

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Year of publication:	2005
Authors:	Cuong Le Van ; Boucekkine, Raouf ; Sağlam, Hüseyin Çağri
Publisher:	[S.l.] : SSRN
Subject:	Kontrolltheorie \| Control theory \| Dynamische Optimierung \| Dynamic programming \| Mathematische Optimierung \| Mathematical programming

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