Viscosity solutions to delay differential equations in demo-economy

Giorgio Fabbri ()

MPRA Paper from University Library of Munich, Germany

Abstract: Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the Hamilton-Jacobi-Bellman (HJB) equation and a verification theorem is proved.

Keywords: viscosity solutions; delay differential equation; vintage models. (search for similar items in EconPapers)
JEL-codes: C61 M30 O41 (search for similar items in EconPapers)
Date: 2007-08-08
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http://mpra.ub.uni-muenchen.de/2826/ orginal version
http://mpra.ub.uni-muenchen.de/5117/ revised version

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