Optimal control with state constraint and non-concave dynamics: a model arising in economic growth

DOI10.1007/s00245-016-9353-5zbMath1378.49002OpenAlexW2338801089MaRDI QIDQ1678506

Paolo Acquistapace, Francesco Bartaloni

Publication date: 17 November 2017

Published in: Applied Mathematics and Optimization (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1007/s00245-016-9353-5

zbMATH Keywords

optimal controlutility maximizationviscosity solutionsHamilton Jacobi Bellman equationnon-concave production function

Mathematics Subject Classification ID

Dynamic programming in optimal control and differential games (49L20) Economic growth models (91B62) Existence theories for optimal control problems involving ordinary differential equations (49J15) Viscosity solutions to Hamilton-Jacobi equations in optimal control and differential games (49L25) Economic dynamics (91B55)

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Existence of solutions to shallow lake type optimal control problems ⋮ Internal habits formation and optimality ⋮ Existence of the optimum in Shallow Lake type models with hysteresis effect

Cites Work

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• Public Finance in Models of Economic Growth
• Optimal Growth with a Convex-Concave Production Function
• Mathematical control theory: an introduction

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