ON THE DYNAMIC PROGRAMMING APPROACH FOR OPTIMAL CONTROL PROBLEMS OF PDE'S WITH AGE STRUCTURE

Authors: FAGGIAN, SILVIA; GOZZI, FAUSTO

Source: Mathematical Population Studies, Volume 11, Numbers 3-4, -4/July–December 2004 , pp. 233-270(38)

Publisher: Routledge, part of the Taylor & Francis Group

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Abstract:

A survey and some new results are presented concerning the dynamic programming for a class of optimal control problems of partial differential equations with age-structure and of delay systems that include some applied examples from economic theory and from population dynamics. A general optimal control problem in Hilbert spaces applying to all examples is investigated, with particular stress on one family of applications: optimal investment models with vintage capital. Some new results are given for the case of constrained investments, including a study of the properties of the optimal trajectories.

Keywords: age-structured systems; optimal control; economic growth; vintage models

Document Type: Research article

DOI: http://dx.doi.org/10.1080/08898480490513625

Affiliations: 1: Universita' di Roma La Sapienza, Rome, Italy

Publication date: 2004-07-01