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Some Clarifications on the Transversality Condition Author info | Abstract | Publisher info | Download info | Related research | Statistics Michel, Philippe
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In this paper, the authors study a general concave discrete-time, infinite-horizon, optimal-control problem. They establish necessary and sufficient conditions for optimality in the weak sense of W. A. Brock and for optimality in the strong sense of D. Gale. The corresponding transversality conditions are general exhaustion properties of the limit value of the optimal state variables; these properties cover and extend the well-known results obtained in special cases. Copyright 1990 by The Econometric Society.
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Article provided by Econometric Society in its journal Econometrica .
Volume (Year): 58 (1990)
Issue (Month): 3 (May)
Pages: 705-23
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Handle: RePEc:ecm:emetrp:v:58:y:1990:i:3:p:705-23Contact details of provider: Phone: 1 212 998 3820 Fax: 1 212 995 4487 Email: Web page: http://www.econometricsociety.org/ More information through EDIRC
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