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Viscosity Solutions to Delay Differential Equations in Demo-Economy

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  • Giorgio Fabbri

Abstract

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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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Mathematical Population Studies.

Volume (Year): 15 (2008)
Issue (Month): 1 ()
Pages: 27-54

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Handle: RePEc:taf:mpopst:v:15:y:2008:i:1:p:27-54

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Related research

Keywords: delay differential equation; vintage models; viscosity solutions;

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Cited by:
  1. Fabbri, Giorgio & Gozzi, Fausto, 2008. "Solving optimal growth models with vintage capital: The dynamic programming approach," Journal of Economic Theory, Elsevier, vol. 143(1), pages 331-373, November.

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