Optimality in Infinite Horizon Discrete Time Models of Resource Management

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...

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Bibliographic Details
Main Author: Sjur D. Flåm
Format: Article
Language:English
Published: Norwegian Society of Automatic Control 1983-10-01
Series:Modeling, Identification and Control
Subjects:
Optimization
Online Access:http://www.mic-journal.no/PDF/1983/MIC-1983-4-2.pdf
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spelling doaj-c775e99c4ea04c6488bb83aa0c2a45222020-11-24T20:42:11ZengNorwegian Society of Automatic ControlModeling, Identification and Control0332-73531890-13281983-10-014421722210.4173/mic.1983.4.2Optimality in Infinite Horizon Discrete Time Models of Resource ManagementSjur D. FlåmWe 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. http://www.mic-journal.no/PDF/1983/MIC-1983-4-2.pdfOptimization
collection DOAJ
language English
format Article
sources DOAJ
author Sjur D. Flåm
spellingShingle Sjur D. Flåm
Optimality in Infinite Horizon Discrete Time Models of Resource Management
Modeling, Identification and Control
Optimization
author_facet Sjur D. Flåm
author_sort Sjur D. Flåm
title Optimality in Infinite Horizon Discrete Time Models of Resource Management
title_short Optimality in Infinite Horizon Discrete Time Models of Resource Management
title_full Optimality in Infinite Horizon Discrete Time Models of Resource Management
title_fullStr Optimality in Infinite Horizon Discrete Time Models of Resource Management
title_full_unstemmed Optimality in Infinite Horizon Discrete Time Models of Resource Management
title_sort optimality in infinite horizon discrete time models of resource management
publisher Norwegian Society of Automatic Control
series Modeling, Identification and Control
issn 0332-7353
1890-1328
publishDate 1983-10-01
description 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.
topic Optimization
url http://www.mic-journal.no/PDF/1983/MIC-1983-4-2.pdf
work_keys_str_mv AT sjurdflam optimalityininfinitehorizondiscretetimemodelsofresourcemanagement
_version_ 1716822942252269568

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