firm, the optimal control is determined so as to maximize the private firm's value function subject to market uncertainty … numerical solution of the value function and optimal control of R&D expenditure of the private firm. We conduct various … the optimal control policy and the value function of the profit-maximizing private firm. The R&D effort of the private …

seller should switch her state in order to maximize her total profit. Relying on techniques of stochastic optimal control, we … reputation. We optimize the design model by using a stochastic advertising model put forth by Sethi (Optimal Control Applications …

A direct method is offered for numerical solution of free-horizon optimal control problems. The method first represents … frequencies are optimised to construct the optimal state trajectory and also the optimal control horizon. Two sample problems …