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On the boundedness of optimal controls in infinite-horizon problems

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Abstract

A class of infinite-horizon optimal control problems that arise in economic applications is considered. A theorem on the nonemptiness and boundedness of the set of optimal controls is proved by the method of finite-horizon approximations and the apparatus of the Pontryagin maximum principle. As an example, a simple model of optimal economic growth with a renewable resource is considered.

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Authors and Affiliations

  1. Steklov Mathematical Institute of Russian Academy of Sciences, ul. Gubkina 8, Moscow, 119991, Russia

    S. M. Aseev

  2. International Institute for Applied Systems Analysis, Schlossplatz 1, A-2361, Laxenburg, Austria

    S. M. Aseev

  3. Krasovskii Institute of Mathematics and Mechanics, Ural Branch of the Russian Academy of Sciences, ul. S. Kovalevskoi 16, Yekaterinburg, 620990, Russia

    S. M. Aseev

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  1. S. M. Aseev
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Correspondence to S. M. Aseev.

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Original Russian Text © S.M. Aseev, 2015, published in Trudy Matematicheskogo Instituta imeni V.A. Steklova, 2015, Vol. 291, pp. 45–55.

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Aseev, S.M. On the boundedness of optimal controls in infinite-horizon problems. Proc. Steklov Inst. Math. 291, 38–48 (2015). https://doi.org/10.1134/S0081543815080040

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