Numerical Solution of Infinite-Horizon Optimal-Control Problems |
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| Authors: | Peter Kunkel Oskar von dem Hagen |
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| Affiliation: | (1) Department of Mathematics, University of Oldenburg, D-26111 Oldenburg, Germany;(2) Department of Economics, University of Oldenburg, D-26111 Oldenburg, Germany |
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| Abstract: | The paper presents an algorithm that solvestwo-point boundary-value problems that arise in economic control models incontinuous time with an infinite time horizon and several state variables.The algorithm can determine optimal trajectories that converge to anisolated equilibrium point. It therefore provides a numerical solution toa large class of problems for which no solvers were yet available. |
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| Keywords: | two-point boundary-value problem infinite time horizon dynamical optimization numerical solution |
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