Optimal control of a class of systems with continuous lags: Dynamic programming approach and economic interpretations |
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| Authors: | R F Hartl S P Sethi |
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| Institution: | (1) Institute for Econometrics and Operations Research, University of Technology, Vienna, Austria;(2) Faculty of Management Studies, University of Toronto, Toronto, Canada |
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| Abstract: | This paper derives a maximum principle for dynamic systems with continuous lags, i.e., systems governed by integrodifferential equations, using dynamic programming. As a result, the adjoint variables can be provided with useful economic interpretations.This research was supported by NSERC Grant No. A4619. |
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| Keywords: | Dynamic programming maximum principle distributed parameter systems integrodifferential equations economic applications |
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