Optimal Control: The Variational Approach
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Optimal Control was developed in the late 1950’s by Pontryagin et al.  who called it the Maximum Principle. Although much pioneering work had been carried out by Valentine , McShane [1939, 1940] and Hestenes , Pontryagin and his associates are the first ones to develop and present it in a unified manner. Their work attracted great attention among mathematicians, engineers and economists and spurred wide research activities in the area in the 1960’s.
KeywordsMaximum Principle Optimal Control Problem Euler Equation Marginal Utility Shadow Price
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