Viscosity Solutions to Delay Differential Equations in Demo-Economy

Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the Hamilton-Jacobi-Bellman (HJB) equation and a verification theorem is proved.

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Year of publication:	2008
Authors:	Fabbri, Giorgio
Published in:	Mathematical Population Studies. - Taylor & Francis Journals, ISSN 0889-8480. - Vol. 15.2008, 1, p. 27-54
Publisher:	Taylor & Francis Journals
Subject:	delay differential equation \| vintage models \| viscosity solutions

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009205642