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Minimum time problems in Economics

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Mathematical Methods of Operations Research Aims and scope Submit manuscript

Abstract.

We analyze the connection between the optimal solutions of minimum time and fixed final time optimal control problems. We discuss some controllability conditions which guarantee the equivalence of the two problems. In fact, under such conditions, not only does an optimal control maximize/minimize the objective functional, but it does it in minimum time too. We apply the results to some Economics models in order to obtain a deeper understanding of the optimal solutions of the related control problems.

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Authors and Affiliations

  1. Department of Pure and Applied Mathematics, Via Belzoni, 7, I-35131, Padova, Italy

    Luca Grosset & Bruno Viscolani

Authors
  1. Luca Grosset
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  2. Bruno Viscolani
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Correspondence to Bruno Viscolani.

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Manuscript received: December 2003/Final version received: March 2004

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Grosset, L., Viscolani, B. Minimum time problems in Economics. Math Meth Oper Res 61, 23–32 (2005). https://doi.org/10.1007/s001860400390

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  • DOI: https://doi.org/10.1007/s001860400390

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