Optimal control in infinite horizon problems: A Sobolev space approach

In this paper, we make use of the Sobolev space W exp.1,1 (R+, R exp.n) to derive at once the Pontryagin conditions for the standard optimal growth model in continuous time, including a necessary and sufficient transversality condition. An application to the Ramsey model is given. We use an order ideal argument to solve the problem inherent to the fact that L exp.1 spaces have natural positive cones with no interior points.

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Year of publication:	2004-12
Authors:	LE VAN, Cuong ; BOUCEKKINE, Raouf ; SAGLAM, Cagri
Institutions:	Center for Operations Research and Econometrics (CORE), École des Sciences Économiques de Louvain
Subject:	optimal control \| Sobolev spaces \| transversality conditions \| order ideal

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Extent:	application/pdf
Series:	CORE Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series UNIVERSITE CATHOLIQUE DE LOUVAIN, Center for Operations Research and Econometrics (CORE) Number 2004089
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005043219