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A survey and some new results are presented concerning the dynamic programming for a class of optimal control problems of partial differential equations with age-structure and of delay systems that include some applied examples from economic theory and from population dynamics. A general optimal...
Persistent link: https://www.econbiz.de/10009205555
A family of optimal control problems for economic models, where state variables are driven by delay differential equations (DDEs) and subject to constraints, is treated by Bellman's dynamic programming in infinite dimensional spaces. An existence theorem is provided for the associated...
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The paper concerns the study of equilibrium points, namely the stationary solutions to the closed loop equation, of an infinite dimensional and infinite horizon boundary control problem for linear partial differential equations. Sufficient conditions for existence of equilibrium points in the...
Persistent link: https://www.econbiz.de/10005756570
In this paper a family of optimal control problems for economic models is considered, whose state variables are driven by Delay Differential Equations (DDE's). Two main examples are illustrated: an AK model with vintage capital and an advertising model with delay e ect. These problems are very...
Persistent link: https://www.econbiz.de/10005789992
The paper provides a continuous time version of the well known discrete time Mitra-Wan model of optimal forest management, where a forest is harvested to maximize the utility of timber flow over an infinite time horizon. Besides varying with time, the state variable (describing available trees)...
Persistent link: https://www.econbiz.de/10010717404
The dynamic programming approach for a family of optimal investment models with vintage capital is here developed. The problem falls into the class of infinite horizon optimal control problems of PDE's with age structure that have been studied in various papers ([Barucci and Gozzi, 1998],...
Persistent link: https://www.econbiz.de/10008870858
The paper provides a continuous-time version of the discrete-time Mitra-Wan model of optimal forest management, where trees are harvested to maximize the utility of timber flow over an infinite time horizon. The available trees and the other parameters of the problem vary continuously with...
Persistent link: https://www.econbiz.de/10011075061