Optimal control in infinite horizon problems: a Sobolev spaces approach
AbstractIn this paper, we make use of the Sobolev space W1,1 (R+,Rn) toderive at once the Pontryagin conditions for the standard optimalgrowth model in continuous time, including a necessary and sufficienttransversality condition. An application to the Ramsey model is given.We use an order ideal argument to solve the problem inherent to thefact that L1 spaces have natural positive cones with no interior points.
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Bibliographic InfoPaper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00101140.
Date of creation: Sep 2007
Date of revision:
Publication status: Published, Economic Theory, 2007, 32, 3, 497-509
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Optimal control; Sobolev spaces; Transversality conditions; Order ideal;
Other versions of this item:
- Cuong Van & Raouf Boucekkine & Cagri Saglam, 2007. "Optimal Control in Infinite Horizon Problems: A Sobolev Space Approach," Economic Theory, Springer, vol. 32(3), pages 497-509, September.
- 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).
- Cuong Le Van & Raouf Boucekkine & Cagri Saglam, 2005. "Optimal control in infinite horizon problems : a Sobolev space approach," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00197546, HAL.
- 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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UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers)
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