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Overtaking Optimal Solutions for Convex Lagrange Problems with Time Delay

โœ Scribed by D.A. Carlson

Publisher
Elsevier Science
Year
1997
Tongue
English
Weight
252 KB
Volume
208
Category
Article
ISSN
0022-247X

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โœฆ Synopsis

In this paper we study infinite horizon convex problems of Lagrange in which hereditary effects in the state are present. The objective functional in these w . problems is an improper integral defined over the time interval 0,q ฯฑ . Dictated by applications arising in mathematical economics we do not assume a priori that these improper integrals converge and therefore we consider overtaking optimal solutions. This concept arose in the economics literature in the 1960s. We extend known results for the analogous nondelay problem providing sufficient conditions for the existence of an overtaking optimal solution. Our proof rests on the assumption that a particular delay differential inclusion enjoys a strong asymptotic ลฝ ลฝ . . stability property called property S S . Examples are given to indicate the applicability of these results.

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