Optimal Control in Infinite Horizon Problems: A Sobolev Space Approach
AbstractIn 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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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 32 (2007)
Issue (Month): 3 (September)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Other versions of this item:
- LE VAN, Cuong & BOUCEKKINE, Raouf & SAGLAM, Cagri, 2004. "Optimal control in infinite horizon problems: A Sobolev space approach," CORE Discussion Papers 2004089, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- LE VAN, CUONG & BOUCEKKINE, Raouf & SAGLAM, Cagri, . "Optimal control in infinite horizon problems: A Sobolev space approach," CORE Discussion Papers RP -1956, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Cuong Le Van & Raouf Boucekkine & Cagri Saglam, 2005. "Optimal control in infinite horizon problems : a Sobolev space approach," Cahiers de la Maison des Sciences Economiques b05094, Université Panthéon-Sorbonne (Paris 1).
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
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