2014 | OriginalPaper | Chapter
4. Infinite Horizon Problems
Author : Alexander J. Zaslavski
Published in: Turnpike Phenomenon and Infinite Horizon Optimal Control
Publisher: Springer International Publishing
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Abstract
In this chapter we establish the existence of solutions for classes of nonconvex (nonconcave) infinite horizon discrete-time optimal control problems. These classes contain optimal control problems arising in economic dynamics which describe general one-sector and two-sector models with nonconcave utility functions representing the preferences of the planner.