Nonturnpike Optimal Solutions and Their Approximations in Infinite Horizon

A. Rapaport () and P. Cartigny
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A. Rapaport: UMR Analyse des Systèmes et Biométrie
P. Cartigny: GREQAM, Université de la Méditerranée

Journal of Optimization Theory and Applications, 2007, vol. 134, issue 1, No 1, 14 pages

Abstract: Abstract Recently, the authors have proposed a new necessary and sufficient condition for turnpike optimality in calculus of variations with singular Euler equation. The method is based on a characterization of the value function and generalizes the well known method based on the Green theorem. Furthermore, it allows the optimality of a competition between several turnpikes to be characterized. For a class of such problems not enjoying the turnpike property, we give an explicit formula for the value function and show how to characterize the optimal solution as the limiting solution of a family of perturbed problems satisfying the turnpike property. The considered problems are scalar with infinite horizon.

Keywords: Calculus of variations; Infinite horizon; Viscosity solutions; Hamilton-Jacobi equation; Turnpikes (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10957-007-9206-0

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