Viscosity Solutions to Delay Differential Equations in Demo-Economy
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.
Volume (Year): 15 (2008)
Issue (Month): 1 ()
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