Optimal control in infinite horizon problems : a Sobolev space approach

In this paper, we make use of the Sobolev space W1,1(R+, Rn) 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 L1 spaces have natural positive cones with no interior points.

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Year of publication:	2005-09
Authors:	Van, Cuong Le ; Boucekkine, Raouf ; Saglam, Cagri
Institutions:	HAL
Subject:	Optimal control \| Sobolev spaces \| transversality conditions \| order ideal

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Extent:	application/pdf
Series:	Post-Print.
Type of publication:	Book / Working Paper
Notes:	View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00197546
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010750791