Optimal control and positional controllability in a one-sector economy

DOI10.3390/G12010011MaRDI QIDQ2052491zbMATH OpenOpenAlexFDO

Authors N. L. Grigorenko, Lilia Luk'yanova

Publication date 26 November 2021

Published in Games (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://doi.org/10.3390/g12010011

bang-bang control nonlinear control system Pontryagin maximum principle positional control Ramsey model singular arc of the third order switching function

Mathematics Subject Classification ID

Existence of optimal solutions belonging to restricted classes (Lipschitz controls, bang-bang controls, etc.) (49J30) Economic growth models (91B62) Nonlinear systems in control theory (93C10)

Review text

Summary: A model of production funds acquisition, which includes two differential links of the zero order and two series-connected inertial links, is considered in a one-sector economy. Zero-order differential links correspond to the equations of the Ramsey model. These equations contain scalar bounded control, which determines the distribution of the available funds into two parts: investment and consumption. Two series-connected inertial links describe the dynamics of the changes in the volume of the actual production at the current production capacity. For the considered control system, the problem is posed to maximize the average consumption value over a given time interval. The properties of optimal control are analytically established using the Pontryagin maximum principle. The cases are highlighted when such control is a bang-bang, as well as the cases when, along with bang-bang (non-singular) portions, control can contain a singular arc. At the same time, concatenation of singular and non-singular portions is carried out using chattering. A bang-bang suboptimal control is presented, which is close to the optimal one according to the given quality criterion. A positional terminal control is proposed for the first approximation when a suboptimal control with a given deviation of the objective function from the optimal value is numerically found. The obtained results are confirmed by the corresponding numerical calculations.

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