Discrete Time Optimal Control Problems with Infinite Horizon

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F21%3A50018418" target="_blank" >RIV/62690094:18450/21:50018418 - isvavai.cz</a>
Result on the web
<a href="https://mme2021.v2.czu.cz/en/r-16791-news-mme-2021/proceedings-of-the-39-th-international-conference-on-mme-202.html" target="_blank" >https://mme2021.v2.czu.cz/en/r-16791-news-mme-2021/proceedings-of-the-39-th-international-conference-on-mme-202.html</a>
DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Discrete Time Optimal Control Problems with Infinite Horizon
Original language description
Optimal control problems are often used in the formulation of many dynamic economic models. A certain specificity of such economic models is that the infinite time horizon is used. This abstract concept is mainly used to represent a very long planning period. Nevertheless, the assumption of the infinite horizon in optimal control problems leads to some complications in their solution. Apart from modifying the definition of the optimal solution, it is necessary to consider the so-called transversality condition. This paper deals with the formulation of the necessary transversality condition for an optimal solution to quite a general infinite horizon discrete time problem. To better characterize the abstract concepts, two solved and illustrative problems are introduced as well.
Czech name
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Czech description
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Publication year
2021
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 39th International Conference on Mathematical Methods in Economics
ISBN
978-80-213-3126-6
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
405-410
Publisher name
Czech University of Life Sciences Prague
Place of publication
Prague
Event location
Czech University of Life Sciences Prague
Event date
Sep 8, 2021
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000936369700067

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