Fixed endpoint optimal control

Frank Caliendo; Saket Pande

doi:10.1007/s00199-004-0589-y

Fixed endpoint optimal control

Frank Caliendo^*, Saket Pande

^*Corresponding author for this work

Research output: Contribution to journal › Article › Scientific › peer-review

3 Citations (Scopus)

Abstract

This note offers a new proof of the necessary conditions for fixed endpoint optimal control. Our approach simplifies the conventional derivation of the necessary conditions by using a transversality condition to ensure feasibility of modifications to the optimal path. We further prove that this transversality condition holds automatically at the optimum and can therefore be ignored in the statement of the necessary conditions.

Original language	English
Pages (from-to)	1007-1012
Number of pages	6
Journal	Economic Theory
Volume	26
Issue number	4
DOIs	https://doi.org/10.1007/s00199-004-0589-y
Publication status	Published - 2005
Externally published	Yes

Keywords

Fixed endpoint
Necessary conditions
Optimal control

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10.1007/s00199-004-0589-y

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AU - Caliendo, Frank

AU - Pande, Saket

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AB - This note offers a new proof of the necessary conditions for fixed endpoint optimal control. Our approach simplifies the conventional derivation of the necessary conditions by using a transversality condition to ensure feasibility of modifications to the optimal path. We further prove that this transversality condition holds automatically at the optimum and can therefore be ignored in the statement of the necessary conditions.

KW - Fixed endpoint

KW - Necessary conditions

KW - Optimal control

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DO - 10.1007/s00199-004-0589-y

M3 - Article

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SN - 0938-2259

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SP - 1007

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JO - Economic Theory

JF - Economic Theory

IS - 4

ER -

Fixed endpoint optimal control

Abstract

Keywords

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