Neighborhood Turnpike Theorem for Continuous-Time Optimization Models

Marina Marena and Luigi Montrucchio

Journal of Optimization Theory and Applications, 1999, vol. 101, issue 3, No 7, 676 pages

Abstract: Abstract A neighborhood turnpike theorem is proved for continuous-time, infinite-horizon optimization models with positive discounting. Our approach is a primal one and no differentiability assumption is made. The basic hypothesis is a condition of uniform concavity at the point defining the undiscounted steady state. The main novelty here is that we formulate the theorem by taking the undiscounted steady state as the turnpike.

Keywords: Optimal control; dynamic models; optimal growth; turnpike theorems (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (6)

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DOI: 10.1023/A:1021794221688

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