A note on first-order and transversality conditions in infinite-horizon continuous-time optimal control models
Stefano Bosi, David Desmarchelier (BETA), Ngoc-Sang Pham (EM Normandie)
TL;DR
This paper establishes necessary and sufficient conditions for solutions in infinite-horizon continuous-time optimal control problems, including transversality conditions, with applications to economic models.
Contribution
It provides a clear characterization of solutions and transversality conditions in infinite-horizon control problems, enhancing theoretical understanding.
Findings
Derived simple necessary and sufficient conditions for optimal solutions.
Proved transversality conditions under standard assumptions.
Presented applications to economic models.
Abstract
We provide simple necessary and sufficient conditions under which a path constitutes a solution to an infinite-horizon, continuous-time optimal control problem. We prove transversality conditions under standard assumptions. We also present some applications to economic models.
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