On the Relation Between Turnpike Properties for Finite and Infinite Horizon Optimal Control Problems

Lars Grüne (), Christopher M. Kellett () and Steven R. Weller ()
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Lars Grüne: University of Bayreuth
Christopher M. Kellett: University of Newcastle
Steven R. Weller: University of Newcastle

Journal of Optimization Theory and Applications, 2017, vol. 173, issue 3, No 1, 727-745

Abstract: Abstract We show that, under appropriate regularity conditions, a finite horizon optimal control problem exhibits the turnpike property, if and only if its infinite horizon counterpart does. We prove the result for both undiscounted and discounted problems and also provide a version which incorporates quantitative information about the convergence rates.

Keywords: Finite horizon optimal control; Infinite horizon optimal control; Optimal equilibrium; 49N60; 49J21 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10957-017-1103-6

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