Characterization of constant policies in optimal control
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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 WordsOptimal control problems current value Hamiltonian constant optimal controls analytic functions calculus of variations differential games
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