Electronic Resource
Springer
Journal of optimization theory and applications
86 (1995), S. 529-552
ISSN:
1573-2878
Keywords:
Dynamic optimization
;
maximum principle
;
multiprocesses
;
infinite-horizon problems
Source:
Springer Online Journal Archives 1860-2000
Topics:
Mathematics
Notes:
Abstract Multiprocess problems are dynamic optimization problems in which there is a collection of control systems coupled through constraints in the endpoints of the constituent trajectories and through the cost function. Optimality conditions for such problems posed over a finite interval have already been derived. However, multiprocess problems arise, for example in the mathematical economics literature, in which one of the component processes operates over an infinite horizon. We give a proof of the relevant necessary conditions in the form of a maximum principle under mild and verifiable hypotheses and apply the theory to a two-stage problem in which an explicit dependence on the intermediate time (taken as a choice variable) is incorporated in the integrands of the cost functional.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF02192158
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