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Some Clarifications on the Transversality Condition
Philippe Michel
Abstract
In this paper we study a general concave discrete time infinite horizon optimal control problem. We establish necessary and sufficient conditions for optimality in the weak sense of Brock and for optimality in the strong sense of Gale. The corresponding transversality conditions are general exhaustion properties of the limit value of the optimal state variables; these properties cover and extend the well known results obtained in special cases.
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