Optimal pattern of technology adoptions under embodiment: A multi-stage optimal control approach
Optimal Control Applications and Methods
Please cite this item using this persistent URLhttp://hdl.handle.net/11693/21806
By deriving the necessary conditions for a multi-stage optimal control problem where the endogenous switching instants appear as an argument of the state equation, we analyze the optimal pattern of technology adoptions under embodiment with a finite planning horizon. We show that the optimal pattern of technology adoptions depends crucially on how the growth rate advantage compares to the adjustment and the obsolescence costs inherent to embodiment. We obtain non-stationary lifetimes for the adopted technologies due to finite planning horizon. We analyze numerically the effects of planning horizon, speed of adjustment to the new technology, growth rate of technology and the impatience rate on the optimal pattern. Copyright © 2010 John Wiley & Sons, Ltd.
- Research Paper 
Showing items related by title, author, creator and subject.
Ünal H.U.; Ataşlar-Ayyildiz, B.; Iftar, A.; Özbay H. (2010)Robust controller design for a flow control problem where uncertain multiple time-varying time-delays exist is considered. Although primarily data-communication networks are considered, the presented approach can also be ...
Gokbayrak, K.; Selvi O. (2010)We consider deterministic mixed-line flow shop systems that are composed of controllable and uncontrollable machines. Arrival times and completion deadlines of jobs are assumed to be known, and they are processed in the ...
Liacu, B.; Koru, A.T.; Ozbay H.; Niculescu, S.-I.; Andriot, C. (2012)In this paper, we consider PD controller design for haptic systems under delayed feedback. More precisely, we present a complete stability analysis of a haptic system where local dynamics are described by some second-order ...