Browsing by Subject "Multi-stage optimal control"

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    Optimal pattern of technology adoptions under embodiment: a multi-stage optimal control approach
    (John Wiley & Sons Ltd., 2011) Saglam, C.
    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.
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    Optimal timing of regime switching in optimal growth models: a Sobolev space approach
    (Elsevier BV, 2011) Dogan, E.; Le Van, C.; Saglam, C.
    This paper analyses the optimal timing of switching between alternative and consecutive regimes in optimal growth models. We derive the appropriate necessary conditions for such problems by means of standard techniques from the calculus of variations and some basic properties of Sobolev spaces. © 2010 Elsevier B.V.