Turnpike and Optimal Trajectories in Integral Dynamic Models with Endogenous Delay

N. Hritonenko and Yuri Yatsenko
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N. Hritonenko: Prairie View A&M University

Journal of Optimization Theory and Applications, 2005, vol. 127, issue 1, No 6, 109-127

Abstract: Abstract Nonlinear optimal control of dynamic systems with endogenous time delays is analyzed. Such systems have important applications and are described by Volterra integral equations with unknowns in the integration limits. The paper focuses on the structure and asymptotic behavior of solutions to several optimization problems with endogenous delay. It is shown that, in certain cases, a special delay trajectory exists and attracts the optimal solution. In economics, such behavior corresponds to the turnpike properties of the optimal lifetime of capital in vintage capital models.

Keywords: Nonlinear optimal control; Volterra integral equations; endogenous delay; vintage capital models; optimal capital lifetime (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (19)

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DOI: 10.1007/s10957-005-6395-2

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