Econometrica: Mar 1974, Volume 42, Issue 2
Necessary Conditions for Optimal Control Problems with Infinite Horizons
Hubert HalkinIn a classical optimal control problem the terminal time, either prescribed a priori or not, is always a real number. In many dynamic optimization problems in economics one is led to consider optimal control problems in which the terminal time is the extended real number + 8?. These are the so called optimal control problems with infinite horizon. In this paper we give a precise formulation for a standard problem of that type, and we establish a necessary condition for that problem.
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