Optimal control in infinite horizon problems : a Sobolev space approach.

In this paper, we make use of the Sobolev space W1,1(R+, Rn) 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 L1 spaces have natural positive cones with no interior points.

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Year of publication:	2005-09
Authors:	Van, Cuong Le ; Boucekkine, Raouf ; Saglam, Cagri
Institutions:	Maison des Sciences Économiques, Université Paris 1 (Panthéon-Sorbonne)
Subject:	Optimal control \| Sobolev spaces \| transversality conditions \| order ideal

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Extent:	application/pdf
Series:	Cahiers de la Maison des Sciences Economiques. - ISSN 1624-0340.
Type of publication:	Book / Working Paper
Notes:	21 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005670972