Optimal control in infinite horizon problems: a Sobolev spaces approach
Résumé
In this paper, we make use of the Sobolev space
W1,1 (R+,Rn) to
derive at once the Pontryagin conditions for the standard optimal
growth model in continuous time, including a necessary and sufficient
transversality condition. An application to the Ramsey model is given.
We use an order ideal argument to solve the problem inherent to the
fact that L1 spaces have natural positive cones with no interior points.
W1,1 (R+,Rn) to
derive at once the Pontryagin conditions for the standard optimal
growth model in continuous time, including a necessary and sufficient
transversality condition. An application to the Ramsey model is given.
We use an order ideal argument to solve the problem inherent to the
fact that L1 spaces have natural positive cones with no interior points.
Loading...