 Optimal ControlAndrás Simonovits
Chapter 9 in Mathematical Methods in Dynamic Economics, 2000, pp 191-207 from Palgrave Macmillan Abstract: Abstract After discussing discrete-time optimal systems in Chapters 7 and 8, we turn to continuous-time optimal systems. We are given a control system (see Section 5.4), that is, a system of differential equations, describing the dynamics of the state vector as a function of a control vector. For a given control path, the state space equation determines the state path. In the theory of Optimal Control, the equations are time-variant and we are given a scalar-valued function, called reward function of time, of the state vector and of the control vector. We are looking for that control path which maximizes the time integral of the reward function. Section 9.1 outlines the solution of the basic problem. Section 9.2 presents an important special case of optimal control, namely, the Calculus of Variations. Section 9.3 contains additional material, including sufficient conditions, the isoperimetric problem and the present value problem. We shall rely on Kamien and Schwartz (1981) (see also Chiang, 1992). For a more demanding treatment, see Pontryagin et al. (1961) and Gelfand and Fomin (1962). Keywords: Reward Function; Important Special Case; State Path; Isoperimetric Problem; Control Path (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51353-2_10 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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