We offer simple and intuitive proofs of the Euler equation and the maximum principle based on Gossen's Second Law, one …

necessary optimality conditions of the Impulse Control Maximum Principle based on the current value formulation. By reviewing … can be applied. However, we design a transformation, which ensures that the application of the Impulse Control Maximum … Principle still provides the optimal solution. Finally, we show for the first time that for some existing models in the …

The paper presents the optimal control theory and the maximum principle technique that is suitable for solving dynamic … macroeconomics by more sophisticated methods. The maximum principle is one of the possible tools. This text briefly introduces the … basics of this method to Czech readers. More detailed treatment can be found in the original literature. The maximum …

We offer a new proof of the maximum principle for optimal control problems with fixed endpoint. We allow for inequality …

necessary conditions for optimality in the form of a relaxed maximum principle. The main motivation is an optimal bond portfolio …