Aseev, Sergei M.; Kryazhimskiy, Arkady V. The Pontryagin maximum principle and transversality conditions for a class of optimal control problems with infinite time horizons. (English) Zbl 1072.49015 SIAM J. Control Optimization 43, No. 3, 1094-1119 (2004). Summary: This paper suggests some further developments in the theory of first-order necessary optimality conditions for problems of optimal control with infinite time horizons. We describe an approximation technique involving auxiliary finite-horizon optimal control problems and use it to prove new versions of the Pontryagin maximum principle. Special attention is paid to the behavior of the adjoint variables and the Hamiltonian. Typical cases, in which standard transversality conditions hold at infinity, are described. Several significant earlier results are generalized. Cited in 53 Documents MSC: 49K15 Optimality conditions for problems involving ordinary differential equations 91B62 Economic growth models Keywords:optimal control; infinite horizon; Pontryagin maximum principle; transversality conditions; optimal economic growth × Cite Format Result Cite Review PDF Full Text: DOI