Browsing by Subject "Order ideal"

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    Optimal control in infinite horizon problems: a Sobolev space approach
    (Springer, 2007) Le Van, C.; Boucekkine, R.; Saglam, C.
    In this paper, we make use of the Sobolev space W{1,1}ℝ+, ℝn to derive at once the Pontryagin conditions for the standard optimal growth model in continuous time, including a necessary and sufficient transversality condition. An application to the Ramsey model is given. We use an order ideal argument to solve the problem inherent to the fact that L 1 spaces have natural positive cones with no interior points. © Springer-Verlag 2007.