ISSN:
1573-2878
Keywords:
Infinite-horizon optimal control
;
overtaking optimal solutions
;
decision-horizon optimal solutions
;
agreeable plans
;
sufficient conditions for optimality
Source:
Springer Online Journal Archives 1860-2000
Topics:
Mathematics
Notes:
Abstract In this paper, we investigate the relationship between two classes of optimality which have arisen in the study of dynamic optimization problems defined on an infinite-time domain. We utilize an optimal control framework to discuss our results. In particular, we establish relationships between limiting objective functional type optimality concepts, commonly known as overtaking optimality and weakly overtaking optimality, and the finite-horizon solution concepts of decision-horizon optimality and agreeable plans. Our results show that both classes of optimality are implied by corresponding uniform limiting objective functional type optimality concepts, referred to here as uniformly overtaking optimality and uniformly weakly overtaking optimality. This observation permits us to extract sufficient conditions for optimality from known sufficient conditions for overtaking and weakly overtaking optimality by strengthening their hypotheses. These results take the form of a strengthened maximum principle. Examples are given to show that the hypotheses of these results can be realized.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF00940022
