Optimal Control in Infinite Horizon Problems: A Sobolev Space Approach
(2007) Economic Theory — Vol. 32, n° 3, p. 497-509 (2007)
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- Abstract
- In this paper, we make use of the Sobolev space W^11 (R_+,R^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^1 spaces have natural positive cones with no interior points.
- Affiliations
Université de Paris 1 Centre d’Economie de la Sorbonne Bilkent University Department of Economics
Citations
Le Van, C., Boucekkine, R., & Saglam, C. (2007). Optimal Control in Infinite Horizon Problems: A Sobolev Space Approach. Economic Theory, 32(3), 497-509. https://doi.org/10.1007/s00199-006-0118-2 (Original work published 2007)