Journal of Optimization Theory and Applications

, Volume 48, Issue 2, pp 315–324 | Cite as

Characterization of constant policies in optimal control

  • M. I. Kamien
  • E. Muller
Contributed Papers

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.

Key Words

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

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. 1.
    Kamien, M. I., andSchwartz, N. L.,Dynamic Optimization: The Calculus of Variations and Optimal Control in Economics and Management Science, Elsevier North-Holland, New York, New York, 1981.Google Scholar
  2. 2.
    Reinganum, J. F.,A Class of Differential Games for Which the Closed-Loop and Open-Loop Nash Equilibria Coincide, Journal of Optimization Theory and Applications, Vol. 36, pp. 253–262, 1982.Google Scholar
  3. 3.
    Starr, A. W., andHo, Y. C.,Nonzero-Sum Differential Games, Journal of Optimization Theory and Applications, Vol. 3, pp. 184–206, 1969.Google Scholar
  4. 4.
    Drabicki, J. Z., andTakayama, A.,An Optimal Monetary Policy in an Aggregate Neoclassical Model of Economic Growth, Journal of Macroeconomics, Vol. 5, pp. 53–74, 1983.Google Scholar

Copyright information

© Plenum Publishing Corporation 1986

Authors and Affiliations

  • M. I. Kamien
    • 1
  • E. Muller
    • 2
  1. 1.Department of Managerial Economics and Decision SciencesNorthwestern UniversityEvanston
  2. 2.School of Business AdministrationHebrew UniversityJerusalemIsrael

Personalised recommendations