GAC, savings, and unbounded inputs
Anna Chiara Lai, Franco Rampazzo

TL;DR
This paper extends control theory results by demonstrating that the existence of a Minimum Restraint Function guarantees global controllability and savings, even with unbounded controls, and analyzes polynomial control dynamics for simplification.
Contribution
It introduces the concept of a Minimum Restraint Function for unbounded controls and explores polynomial control systems, broadening the scope of controllability and savings guarantees.
Findings
Minimum Restraint Function guarantees GAC and savings with unbounded controls.
Control vector fields composed of Lipschitz maps, polynomials, and exponentials meet mild conditions.
Polynomial dynamics can be simplified via affine representability or subsystem reduction.
Abstract
Let a control system and a target be given on an open subset of an Euclidean space. The existence of a Control Lyapunov Function - namely a positive definite, semiconcave, solution of the Hamilton-Jacobi inequality corresponding to the control vector field -- guarantees Global Asymptotic Controllability (GAC). In this case, however, minimization is not an issue. Instead, if a Lagrangean with non-negative values is considered as well, an optimal control problem can be defined in relation to the corresponding integral functional. In the first part of the present paper we show that the existence of a Minimum Restraint Function -- a solution of a strict Hamilton-Jacobi inequality involving the Lagrangian and a non-negative "savings multiplier" -- provides not only global asymptotic controllability but also savings, namely a state-dependent upper bound for the infima. This extends a former…
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Taxonomy
TopicsRisk and Portfolio Optimization · Economic theories and models
