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Optimality in Infinite-Horizon Variational Problems under Sign Conditions |
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| Authors: | Blot J Cartigny P |
| Institution: | (1) Centre de Recherche en Mathématiques, Statistique et Économie Mathématique, Maison des Sciences Économiques, Université de Paris 1, Panthéon–Sorbonne, Paris, France;(2) Groupe de Recherche en Économie Quantitative d'Aix-Marseille, Université de la Méditerranée, Centre de la Vieille Charité, Marseille, France |
| Abstract: | We consider infinite-horizon variational problems on several spaces of curves. We establish relations between these problems and the properties of their solutions. Notably, we exhibit situations where optimality in a given space of curves implies optimality in a bigger space of curves. We work with a domain of definition of the Lagrangian which has a very general form and we provide assumptions to ensure a satisfactory theory of the necessary conditions of optimality. We apply these results to actualized Lagrangians. |
| Keywords: | Lagrangian systems calculus of variations optimal economic growth infinite-horizon problems |
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