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Infinite horizon optimal control problems are considered, which are of following type: J(x, u) = ∞ 0 f 0 (t, x(t), u(t)) e −ρt dt −→ Min ! subject to x ∈ W state equations x (t) = g(t, x(t), u(t)) , control restrictions u(t) ∈ U, U ∈ Comp (R r) \ { ∅ }, initial conditions x(0) = x 0 and state constraints x(t) ∈ X(t) ⇐⇒ h l (t, x(t)) ≤ 0 for all t ∈ We(More)
In this paper we treat a resource allocation model defined on an infinite interval. We show that the solution of the corresponding problem with finite horizon cannot be extended to a solution of the infinite horizon problem, since the resource allocation problem in the unmodified setting does not have a solution on an unbounded interval. To change this(More)
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