Characterization of constant policies in optimal control

M. I. Kamien, E. Muller

Research output: Contribution to journalArticlepeer-review

Abstract

The conditions under which an optimal control problem commonly employed in economics gives rise to a constant optimal control are characterized. The conditions are stated in terms of the properties of the functional form of the integrand of the objective function and of the state equation. These conditions can be checked prior to computation of the optimal control and thereby can simplify its calculation.

Original languageEnglish
Pages (from-to)315-324
Number of pages10
JournalJournal of Optimization Theory and Applications
Volume48
Issue number2
DOIs
StatePublished - Feb 1986
Externally publishedYes

Keywords

  • Optimal control problems
  • analytic functions
  • calculus of variations
  • constant optimal controls
  • current value Hamiltonian
  • differential games

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