Necessary Conditions for the Optimality and Sustainability of Solutions in Infinite-Horizon Optimal Control Problems

Sergey M. Aseev ()
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Sergey M. Aseev: Steklov Mathematical Institute of Russian Academy of Sciences, 8 Gubkina St., 119991 Moscow, Russia

Mathematics, 2023, vol. 11, issue 18, 1-15

Abstract: The paper deals with an infinite-horizon optimal control problem with general asymptotic endpoint constraints. The fulfillment of constraints of this type can be viewed as the minimal necessary condition for the sustainability of solutions. A new version of the Pontryagin maximum principle with an explicitly specified adjoint variable is developed. The proof of the main results is based on the fact that the restriction of the optimal process to any finite time interval is a solution to the corresponding finite-horizon problem containing the conditional cost of the phase vector as a terminal term.

Keywords: optimal control; infinite horizon; sustainability; asymptotic endpoint constraints; conditional cost function; Pontryagin maximum principle (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2023
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