Maximum Principle for Infinite-Horizon Optimal Control Problems with Dominating Discount

@inproceedings{Aseev2011MaximumPF,
  title={Maximum Principle for Infinite-Horizon Optimal Control Problems with Dominating Discount},
  author={Sergey M. Aseev and Vladimir M. Veliov},
  year={2011}
}
The paper revisits the issue of necessary optimality conditions for infinite-horizon optimal control problems. It is proved that the normal form maximum principle holds with an explicitly specified adjoint variable if an appropriate relation between the discount rate, the growth rate of the solution and the growth rate of the objective function is satisfied. The main novelty is that the result applies to general non-stationary systems and the optimal objective value needs not be finite (in… CONTINUE READING
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