Abstract
This chapter concerns deterministic and stochastic nonstationary discrete-time optimal control problems (OCPs) with an infinite horizon. We show, using Gâteaux differentials, that the so-called Euler equation (EE) and a transversality condition (TC) are necessary conditions for optimality. In particular, the TC is obtained in a more general form and under milder hypotheses than in previous works. Sufficient conditions are also provided. We find closed-form solutions to several (discounted) stationary and nonstationary control problems. The results in this chapter come from González–Sánchez and Hernández–Lerma [37].
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
