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A Turnpike property of approximate solutions of an optimal control problem arising in economic dynamics. (English) Zbl 1244.49013
Summary: We study the structure of approximate solutions for a class of continuous-time optimal control problems. These optimal control problems arise in economic dynamics and describe a model proposed by Robinson, Solow and Srinivasan. We are interested in turnpike properties of the approximate solutions which are independent of the length of the interval, for all sufficiently large intervals.
MSC:
49J30 Existence of optimal solutions belonging to restricted classes (Lipschitz controls, bang-bang controls, etc.)
91B55 Economic dynamics
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