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Viscosity solutions to delay differential equations in demo-economy

Authors
Publication Date
Keywords
  • C61 - Optimization Techniques
  • Programming Models
  • Dynamic Analysis
  • M30 - General
  • O41 - One
  • Two
  • And Multisector Growth Models
Disciplines
  • Mathematics

Abstract

Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the Hamilton-Jacobi-Bellman (HJB) equation and a verification theorem is proved.

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