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Application of the Maximum Principle to Minimizing Total Production Costs

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Abstract

There are no common methods of the search for optimal solutions to problems of economic dynamics. Application of variational methods is possible for a quite narrow class of problems. In this paper, we discuss application of the Pontryagin maximum principle, which significantly expands the class of problems considered and allows one to obtain numerical solutions.

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Authors and Affiliations

  1. Bauman Moscow State Technical University, Moscow, Russia

    V. V. Kiselev

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  1. V. V. Kiselev
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Correspondence to V. V. Kiselev.

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Translated from Itogi Nauki i Tekhniki, Seriya Sovremennaya Matematika i Ee Prilozheniya. Tematicheskie Obzory, Vol. 178, Optimal Control, 2020.

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Kiselev, V.V. Application of the Maximum Principle to Minimizing Total Production Costs. J Math Sci 276, 349–352 (2023). https://doi.org/10.1007/s10958-023-06745-y

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  • DOI: https://doi.org/10.1007/s10958-023-06745-y

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