On the boundedness of optimal controls in infinite-horizon problems |
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| Authors: | S M Aseev |
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| Institution: | 1.Steklov Mathematical Institute of Russian Academy of Sciences,Moscow,Russia;2.International Institute for Applied Systems Analysis,Laxenburg,Austria;3.Krasovskii Institute of Mathematics and Mechanics, Ural Branch of the Russian Academy of Sciences,Yekaterinburg,Russia |
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| Abstract: | A class of infinite-horizon optimal control problems that arise in economic applications is considered. A theorem on the nonemptiness and boundedness of the set of optimal controls is proved by the method of finite-horizon approximations and the apparatus of the Pontryagin maximum principle. As an example, a simple model of optimal economic growth with a renewable resource is considered. |
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