Display Abstract

Title The "no waste" assumption and transversality conditions for discrete-time infinite-horizon problem

Name Takashi Nitta
Country Japan
Email nitta@edu.mie-u.ac.jp
Co-Author(s) Dapeng Cai
Submit Time 2014-03-31 05:42:45
Session
Special Session 114: Nonstandard Analysis, Quantizations and Singular Perturbations
Contents
The overtaking criterion commonly used when examining infinite-horizon optimization problems, corresponds to free terminal state finite-horizon problems. We modify this criterion by imposing a "no waste" assumption, under which the entire end-of-horizon stocks and used up before the end of planning horizon. We establish the necessary and sufficient conditions for optimality for a general discrete-time problem, under the modified optimality criterion.