Necessity of vanishing shadow price in infinite horizon control problems

DOI10.1007/s10883-013-9192-5zbMath1284.49022arXiv1207.5358OpenAlexW2116737322MaRDI QIDQ2441456

Dmitry Khlopin

Publication date: 24 March 2014

Published in: Journal of Dynamical and Control Systems (Search for Journal in Brave)

Full work available at URL: https://arxiv.org/abs/1207.5358

zbMATH Keywords

optimal controlnecessary optimality conditionsinfinite horizon problemtransversality conditionshadow priceuniformly overtaking optimal controlunique Lagrange multiplier

Mathematics Subject Classification ID

Economic growth models (91B62) Methods involving semicontinuity and convergence; relaxation (49J45) Dynamical systems in optimization and economics (37N40) Optimality conditions for problems involving ordinary differential equations (49K15)

Related Items

On Hamiltonian as limiting gradient in infinite horizon problem ⋮ Necessity of limiting co-state arcs in Bolza-type infinite horizon problem ⋮ On sufficient optimality conditions for infinite horizon optimal control problems ⋮ Necessary conditions in infinite-horizon control problems that need no asymptotic assumptions ⋮ On Necessary Optimality Conditions for Ramsey-Type Problems ⋮ Infinite Horizon Optimal Control of Non-Convex Problems Under State Constraints

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