Abstract
We study the structure of approximate solutions of Bolza optimal control problems, governed by linear equations, with periodic convex integrands, on large intervals, and show that the turnpike property holds. To have this property means, roughly speaking, that the approximate optimal trajectories are determined mainly by the integrand, and are essentially independent of the choice of time intervals and data, except in regions close to the endpoints of the time interval. We also show the stability of the turnpike phenomenon under small perturbations of integrands and study the structure of approximate optimal trajectories in regions close to the endpoints of the time intervals.
JEL Classification: C02, C61, C67.
Mathematics Subject Classification (2010): 49J15, 49J99, 90C26, 90C31, 93C15.
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Zaslavski, A.J. (2017). Bolza Optimal Control Problems with Linear Equations and Periodic Convex Integrands on Large Intervals. In: Kusuoka, S., Maruyama, T. (eds) Advances in Mathematical Economics . Advances in Mathematical Economics, vol 21. Springer, Singapore. https://doi.org/10.1007/978-981-10-4145-7_4
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DOI: https://doi.org/10.1007/978-981-10-4145-7_4
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