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Existence and structure of solutions for an infinite horizon optimal control problem arising in economic dynamics. (English) Zbl 1165.49001
Summary: We study an infinite horizon optimal control problem arising in economic dynamics. We establish convergence of approximate solutions to the golden-rule stock (turnpike) and show the existence of overtaking optimal solutions.
MSC:
49J24 Optimal control problems with differential inclusions (existence) (MSC2000)
54E52 Baire category, Baire spaces
91B74 Economic models of real-world systems (e.g., electricity markets, etc.)
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