This paper considers an infinite horizon stochastic production planning problem with the constraint that production rate must be nonnegative. It is shown that an optimal feedback solution exists for the problem. Moreover, this solution is characterized and is then compared with the solution of...

We consider a market consisting of two populations, termed rich and poor for convenience. If a product is priced such that it is very expensive for the poor, but affordable to the rich, then it becomes a status symbol for the poor and this makes it more desirable for the poor. At a lower price,...

This note clarifies some issues dealing with the necessary condition for the optimal terminal time in free terminal time optimal control problems. It is shown that this condition is independent of the other maximum principle conditions and a simple proof is presented. Also the economic...

In this paper we derive useful sufficiency optimality conditions for a class of optimal control problems subject to differential inclusions and involving non-differentiable functions. A production inventory problem is solved to illustrate our results

We consider a market consisting of two populations, termed rich and poor for convenience. If a product is priced such that it is very expensive for the poor, but affordable to the rich, it becomes a status symbol for the poor and this makes it more desirable for the poor. At a lower price the...

This paper presents a review of recent developments that have taken place in the area of dynamic optimal control models in advertising subsequent to the comprehensive survey of the literature by Sethi in 1977. The basic problem underlying these models is that of determining optimal advertising...

This paper derives a maximum principle for dynamic systems with continuous lags, i.e., systems governed by integrodifferential equations, using dynamic programming. As a result, the adjoint variables can be provided with useful economic interpretations

A reprint of one of the classic volumes on portfolio theory and investment, this book has been used by the leading professors at universities such as Stanford, Berkeley, and Carnegie-Mellon. It contains five parts, each with a review of the literature and about 150 pages of computational and...