Maximum principle for the optimal control of systems with continuous leads |
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| Authors: | J. B. Chilton |
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| Affiliation: | (1) Department of Economics, College of Business Administration, University of South Carolina, Columbia, South Carolina |
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| Abstract: | A sufficiency theorem is provided for the optimal control of systems with continuous leads wherein the motion of today's state is governed by the future trajectory of the control and the state. An application to the economics of dynamic limit pricing is given.This research had its origin in the doctoral dissertation of the author. The comments of H. Ryder are gratefully acknowledged. |
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| Keywords: | Optimal control maximum principle integrodifferential equations continuous leads economic applications |
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