Skip to main content
Log in

Criteria of optimality in the infinite-time optimal control problem

  • Contributed Papers
  • Published:
Journal of Optimization Theory and Applications Aims and scope Submit manuscript

Abstract

The present paper gives a systematic presentation of different definitions of optimality in the infinite-time optimal control problem. Some of these definitions are new, while others have been used throughout the literature, sometimes with different names. The logical implications between them are clearly stated, corresponding comparison criteria for solutions are defined, and other relations as well as two types of equivalence relations are established.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Similar content being viewed by others

References

  1. Pontryagin, L. S., et. al.,The Mathematical Theory of Optimal Processes, Interscience Publishers, New York, New York, 1962.

    Google Scholar 

  2. Ramsey, F. P.,A Mathematical Theory of Savings, Economic Journal, Vol. 38, pp. 543–559, 1928.

    Google Scholar 

  3. Arrow, K., andKurz, M.,Public Investment, the Rate of Return, and Optimal Fiscal Policy, The Johns Hopkins Press, Baltimore, Maryland, 1970.

    Google Scholar 

  4. Gale, D.,On Optimal Development in a Multi-Sector Economy, Review of Economic Studies, Vol. 34, pp. 1–18, 1967.

    Google Scholar 

  5. Halkin, H.,Necessary Conditions for Optimal Control Problems with Infinite Horizons, Econometrica, Vol. 42, pp. 267–272, 1974.

    Google Scholar 

  6. Haurie, A.,Optimal Control on an Infinite Time Horizon: The Turnpike Approach, Journal of Mathematical Economics, Vol. 3, pp. 81–102, 1976.

    Google Scholar 

  7. Seierstad, A., andSydsaeter, K.,Sufficient Conditions in Optimal Control Theory, International Economic Review, Vol. 18, pp. 367–391, 1977.

    Google Scholar 

  8. Von Weizsäcker, C. C.,Existence of Optimal Programs of Accumulation for an Infinite Time Horizon, Review of Economic Studies, Vol. 32, pp. 85–104, 1965.

    Google Scholar 

  9. Stern, L. E.,Transversality Conditions in the Infinite-Horizon Problem, Working Paper, 1983.

Download references

Author information

Authors and Affiliations

Authors

Additional information

Communicated by L. D. Berkovitz

This work was supported in part by Simmons College Fund for Research, Grant No. 201.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Stern, L.E. Criteria of optimality in the infinite-time optimal control problem. J Optim Theory Appl 44, 497–508 (1984). https://doi.org/10.1007/BF00935464

Download citation

  • Issue Date:

  • DOI: https://doi.org/10.1007/BF00935464

Key Words

Navigation