Fixed endpoint optimal control

Frank Caliendo*, Saket Pande

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-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 languageEnglish
Pages (from-to)1007-1012
Number of pages6
JournalEconomic Theory
Volume26
Issue number4
DOIs
Publication statusPublished - 2005
Externally publishedYes

Keywords

  • Fixed endpoint
  • Necessary conditions
  • Optimal control

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