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Optimal control of a class of systems with continuous lags: Dynamic programming approach and economic interpretations

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Abstract

This paper derives a maximum principle for dynamic systems with continuous lags, i.e., systems governed by integrodifferential equations, using dynamic programming. As a result, the adjoint variables can be provided with useful economic interpretations.

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Additional information

This research was supported by NSERC Grant No. A4619.

Communicated by J. V. Breakwell

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Hartl, R.F., Sethi, S.P. Optimal control of a class of systems with continuous lags: Dynamic programming approach and economic interpretations. J Optim Theory Appl 43, 73–88 (1984). https://doi.org/10.1007/BF00934747

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Key Words

  • Dynamic programming
  • maximum principle
  • distributed parameter systems
  • integrodifferential equations
  • economic applications