State constrained control problems in Banach lattices and applications
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Publication:5013565
Abstract: This paper aims to study a family of deterministic optimal control problems in infinite dimensional spaces. The peculiar feature of such problems is the presence of a positivity state constraint, which often arises in economic applications. To deal with such constraints, we set up the problem in a Banach space with a Riesz space structure (i.e., a Banach lattice) not necessarily reflexive: a typical example is the space of continuous functions on a compact set. In this setting, which seems to be new in this context, we are able to find explicit solutions to the Hamilton-Jacobi-Bellman (HJB) equation associated to a suitable auxiliary problem and to write the corresponding optimal feedback control. Thanks to a type of infinite dimensional Perron-Frobenius Theorem, we use these results to get information about the optimal paths of the original problem. This was not possible in the infinite dimensional setting used in earlier works on this subject, where the state space was an space.
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Cited in
(14)- Control theory in infinite dimension for the optimal location of economic activity: the role of the social welfare function
- Large deviation principle for spatial economic growth model on networks
- An optimal control problem with state constraints in a spatio-temporal economic growth model on networks
- HJB equations and stochastic control on half-spaces of Hilbert spaces
- A stochastic model of economic growth in time-space
- On the choice of the function spaces for some state-constrained control problems
- Constrained retarded nonlinear optimal control problems in Banach state space
- A dynamic theory of spatial externalities
- Necessary conditions for similarity between two lattice differential equations
- Linear systems with state constraints in Banach spaces
- Modeling economic growth with spatial migration: a stability analysis of the long-run equilibrium based on semigroup theory
- Modeling and computation of an integral operator Riccati equation for an infinite-dimensional stochastic differential equation governing streamflow discharge
- Nonsmooth control problems in banach state space
- Spatial growth theory: optimality and spatial heterogeneity
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