The Pontryagin maximum principle and problems of optimal economic growth

DOI10.1134/S0081543807020010zbMath1215.49001OpenAlexW2081157779MaRDI QIDQ1018427

S. M. Aseev, Arkadii V. Kryazhimskij

Publication date: 20 May 2009

Published in: Proceedings of the Steklov Institute of Mathematics (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1134/s0081543807020010

zbMATH Keywords

infinite horizonPontryagin's maximum principleshadow pricesoptimal investmentsadjoint vectormarginal pricesmodels of economic growthproduction assetstechnological followertechnological leader

Mathematics Subject Classification ID

Fundamental topics (basic mathematics, methodology; applicable to economics in general) (91B02) Economic growth models (91B62) Economic models of real-world systems (e.g., electricity markets, etc.) (91B74) Resource and cost allocation (including fair division, apportionment, etc.) (91B32) Optimality conditions for problems involving ordinary differential equations (49K15) Research exposition (monographs, survey articles) pertaining to calculus of variations and optimal control (49-02)

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