Optimality in Infinite Horizon Discrete Time Models of Resource Management
We study an infinite horizon discrete time optimization problem of the Bolza type. It is argued that this problem arises frequently in models of resource management. We obtain a characterization of optimality which is an analog to the Euler equation. The results extend those of Rockafellar and Wets...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Norwegian Society of Automatic Control
1983-10-01
|
| Series: | Modeling, Identification and Control |
| Subjects: | |
| Online Access: | http://www.mic-journal.no/PDF/1983/MIC-1983-4-2.pdf |
| Summary: | We study an infinite horizon discrete time optimization problem of the Bolza type. It is argued that this problem arises frequently in models of resource management. We obtain a characterization of optimality which is an analog to the Euler equation. The results extend those of Rockafellar and Wets (1981). Furthermore, we make no assumption about free disposal and absorbing states. |
|---|---|
| ISSN: | 0332-7353 1890-1328 |