An Infinite-Horizon Maximum Principle with Bounds on the Adjoint Variable

We provide necessary optimality conditions for a general class of discounted infinite-horizon dynamic optimization problems. As part of the resulting maximum principle we obtain explicit bounds on the adjoint variable, stronger than the transversality conditions in Arrow–Kurz form.


Published in:
Journal of Economic Dynamics & Control, 30, 2, 229-241
Year:
2006
Keywords:
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 Record created 2013-07-16, last modified 2018-05-22

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