Limit of the solutions for the finite horizon problems as the optimal solution to the infinite horizon optimization problems
From MaRDI portal
Publication:2997147
DOI10.1080/10236190902953763zbMATH Open1211.91173arXiv0803.4050OpenAlexW2047390956MaRDI QIDQ2997147FDOQ2997147
Takashi Gyoshin Nitta, Dapeng Cai
Publication date: 6 May 2011
Published in: Journal of Difference Equations and Applications (Search for Journal in Brave)
Abstract: We aim to generalize the results of Cai and Nitta (2007) by allowing both the utility and production function to depend on time. We also consider an additional intertemporal optimality criterion. We clarify the conditions under which the limit of the solutions for the finite horizon problems is optimal among all attainable paths for the infinite horizon problems under the overtaking criterion, as well as the conditions under which such a limit is the unique optimum under the sum-of-utilities criterion. The results are applied to a parametric example of the one-sector growth model to examine the impacts of discounting on optimal paths.
Full work available at URL: https://arxiv.org/abs/0803.4050
Recommendations
- Optimal solutions to the infinite horizon problems: constructing the optimum as the limit of the solutions for the finite horizon problems
- Solving undiscounted infinite horizon optimization problems: a nonstandard approach
- scientific article; zbMATH DE number 3922408
- Infinite Horizon Optimization
- Optimality criteria for deterministic discrete-time infinite horizon optimization
Cites Work
- Title not available (Why is that?)
- Turnpike Theory
- On dynamic programming with unbounded returns
- On Existence of Weakly Maximal Programmes in a Multi-Sector Economy
- Why the far-distant future should be discounted at its lowest possible rate
- Some Clarifications on the Transversality Condition
- Necessity of Transversality Conditions for Infinite Horizon Problems
Cited In (10)
- Infinite Horizon Optimization
- Global optimization for the sum of certain nonlinear functions
- Optimality criteria for deterministic discrete-time infinite horizon optimization
- Title not available (Why is that?)
- A linearized relaxing algorithm for the specific nonlinear optimization problem
- Title not available (Why is that?)
- Transversality conditions for infinite horizon optimality: higher order differential problems
- Nonturnpike optimal solutions and their approximations in infinite horizon
- Title not available (Why is that?)
- Title not available (Why is that?)
This page was built for publication: Limit of the solutions for the finite horizon problems as the optimal solution to the infinite horizon optimization problems
Report a bug (only for logged in users!)Click here to report a bug for this page (MaRDI item Q2997147)
