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Fixed endpoint optimal control

Author

Listed:
  • Frank Caliendo

    ()

  • Saket Pande

    ()

Abstract

This note offers a new proof of the necessary conditions for fixed endpoint optimal control. Our approach simplifies the conventional derivation of the necessary conditions by using a transversality condition to ensure feasibility of modifications to the optimal path. We further prove that this transversality condition holds automatically at the optimum and can therefore be ignored in the statement of the necessary conditions. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Frank Caliendo & Saket Pande, 2005. "Fixed endpoint optimal control," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(4), pages 1007-1012, November.
  • Handle: RePEc:spr:joecth:v:26:y:2005:i:4:p:1007-1012
    DOI: 10.1007/s00199-004-0589-y
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