Discrete Time Optimal Control Problems with Infinite Horizon

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Discrete Time Optimal Control Problems with Infinite Horizon

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Discrete Time Optimal Control Problems with Infinite Horizon

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

10102 - Applied mathematics

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2021

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

6

Strana od-do

405-410

Název nakladatele

Czech University of Life Sciences Prague

Místo vydání

Prague

Místo konání akce

Czech University of Life Sciences Prague

Datum konání akce

8. 9. 2021

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000936369700067