Optimal control in infinite horizon problems: A Sobolev space approach

Le Van, Cuong;Boucekkine, Raouf;Saglam, Cagri
(2004)

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Authors
  • Le Van, Cuong
    Author
  • Boucekkine, RaoufUCLouvain
    Author
  • Saglam, Cagri
    Author
Abstract
In this paper, we make use of the Sobolev space W exp.1,1 (R+, R exp.n) 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 L exp.1 spaces have natural positive cones with no interior points.
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Le Van, C., Boucekkine, R., & Saglam, C. (2004). Optimal control in infinite horizon problems: A Sobolev space approach (ECON Discussion Papers 2004/90). https://hdl.handle.net/2078.5/43420